BAKU, Azerbaijan, May 12. Kazakhstan's oil production in 2024 is forecast to stand at 2.06 million barrels per day (mb/d), Trend reports.
Thus, the outlook from the US Energy Information Administration Agency (EIA) has been left unchanged, compared to the previous month's assessment.
In particular, Kazakh oil output in 1Q2024 is expected to stand at 2.06 mb/d, moderately decreasing to 2.05 mb/d in 2Q2024, 2.03 mb/d in 3Q2024, and jumping back to 2.11 mb/d in 4Q2024.
At the same time, the country's average oil production next year is projected to increase by 90,000 b/d year-on-year (1.97 mb/d expected in 2023).
As EIA's forecast says, Kazakhstan's average oil production in 3Q2023 is projected at 1.92 mb/d, and then, recovering slightly in 4Q2023 to 1.99 mb/d. Kazakh oil production in 1Q2023 stood at 2.02 mb/d, and at 1.95 mb/d in 2Q2023.
According to the EIA's estimations, the country's oil production in 2022 totaled 1.83 mb/d.
Meanwhile, as the latest OPEC+ decision came in force June 4, Kazakhstan will adjust its oil production level to 1.628 mb/d throughout 2024.