BAKU, Azerbaijan, May 16. Kazakhstan's oil production in 2023 is expected to stand at 1.89 million barrels per day (mb/d), Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
As such, the country's supply in 1Q2023 is forecast at 1.99 mb/d, with slight decline to 1.89 mb/d in 2Q2023, and at 1.85 mb/d both for 3Q2023 and 4Q2023.
At the same time, as the agency noted, Kazakhstan has supplied 1.63 mb/d both in March and April 2023 each. Meanwhile, Kazakhstan's liquids output in 2022 stood at 1.82 mb/d.
For the whole OPEC+, the IEA expects production to drop by drop by 850,000 b/d year-on-year.
"The bloc’s output this month is expected to take a dive on the back of voluntary production adjustments shouldered by Saudi Arabia, along with neighboring countries, that are due to run through the end of 2023. Saudi Arabia has vowed to cut 500,000 b/d, Iraq 211,000 b/d, the UAE 144,000 b/d, Kuwait 128,000 b/d and Oman 40,000 b/d. Outside of the Middle East, Kazakhstan has pledged to curb a further 78,000 b/d, Algeria 48,000 b/d and Gabon 8,000 b/d. Russia will extend its previously announced 500,000 b/d reduction," the report added.
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.