BAKU, Azerbaijan, June 13. Kazakhstan’s oil output in 2023 is forecast to grow by 0.1 mb/d, Trend reports.
OPEC has slightly upgraded the country's liquids output for the current year by 9,000 b/d, compared to the previous outlook, thanks to increased output in April 2023.
"Liquids output in Kazakhstan increased by a minor 6,000 b/d month-on-month to average 2 mb/d in April. Crude production was up by 20,000 b/d month-on-month to average 1.6 mb/d, while NGLs and condensate output declined by 14,000 b/d month-on-month to average 0.4 mb/d," the bloc said.
At the same time, according to OPEC's projections, Kazakhstan's oil supply is forecast to have declined by 44,000 b/d year-on-year to average 1.8 mb/d, which is broadly unchanged, compared to the previous forecast.
Furthermore, Kazakhstan is also named as one the drivers of oil supply growth globally in 2023, along with US, Brazil, Norway, and Canada.
Meanwhile, Kazakhstan will adjust its oil production level to 1.628 mb/d throughout 2024, following the latest decision OPEC+ made on June 4 the ministerial meeting held in Vienna.