BAKU, Azerbaijan, May 11. The US Energy Information Administration Agency (EIA) expects Kazakhstan's oil output in 2Q2023 to stand at 1.96 million barrels per day (mb/d), Trend reports, citing the EIA.
The forecast has been slightly upgraded from the previous assessment of 1.95 mb/d.
According to the EIA, Kazakhstan's average oil production in 3Q2023 is forecast to decrease slightly by 40,000 b/d to 1.92 mb/d, and then, bounce back by 70,000 b/d in 4Q2023 to 1.99 mb/d. As EIA's forecast says, Kazakh oil production in 1Q2023 stood at 2.02 mb/d.
For the whole year, the EIA projects the country's liquids output at 1.97 mb/d, which is an increase of 14,000 b/d year-on-year from 1.83 mb/d in 2022.
Meanwhile, as Bolat Aqchulaqov, Energy Minister of Kazakhstan, reported earlier this year, the country's oil production volume in 2022 amounted to 84.2 million tons. At the same time, Kazakhstan plans to produce 90.5 million tons of oil in 2023.