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IEA shares latest projections on Kazakh oil output in 2023-24

Kazakhstan Materials 17 June 2023 08:00 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, June 17. Kazakhstan's oil production in 2023 is forecast to stand at 1.56 mb/d, Trend reports.

As the International Energy Agency (IEA) estimates, the country's oil output in the current year will increase by a slight 6,000 b/d, compared to 1.5 mb/d produced in 2022.

At the same time, Kazakh oil supply is also projected to increase further to 1.64 mb/d in 2024. It is necessary to mention that, following the latest decision OPEC+ made on June 4 during the ministerial meeting held in Vienna, Kazakhstan is expected to level its production to 1.628 mb/d throughout 2024.

Meanwhile, the country's production level by 2028 is forecast at around 1.8 mb/d, the IEA noted.

The IEA analysts also pointed out that Kazakhstan is cooperation with international energy companies to enhance investments in renewable energy as part of its energy transition efforts. The KazMunayGas state-owned company, for instance, has committed to reducing its carbon emissions by 15 percent by 2031 and has awarded solar and wind development projects to foreign firms.

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