BAKU, Azerbaijan, May 11. Kazakhstan's oil production in 2024 is expected to stand at 2.06 million barrels per day (mb/d), Trend reports, citing the latest outlook from the US Energy Information Administration Agency (EIA).
The forecast has been slightly upgraded from the previous assessment of 2.05 mb/d.
As such, the country's oil output in 1Q2024 is forecast to stand at 2.06 mb/d, moderately decreasing to 2.05 mb/d in 2Q2024, 2.03 mb/d in 3Q2024, and bouncing back to 2.10 mb/d in 4Q2024.
In total, Kazakh average oil production next year is projected to increase by 90,000 b/d year-on-year (1.97 mb/d expected in 2023).
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.
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.