BAKU, Azerbaijan, August 16. Kazakhstan's liquids supply level in 2024 is forecast to increase by approximately 80,000 b/d, averaging 2 mb/d, Trend reports.
The forecast has been left unchanged, compared to the previous month's assessment.
According to the data received from OPEC, liquids production in Kazakhstan experienced a 21,000 b/d month-on-month increase, reaching an average of 1.9 mb/d in June.
Crude production saw a 16,000 b/d month-on-month rise, averaging 1.6 mb/d. NGLs and condensate output had a minor 5,000 b/d month-on-month uptick, reaching an average of 0.4 mb/d.
Moving to 2024, further growth can will be mainly due expanded production in the Tengiz oil field, facilitated by the Tengizchevroil Future Growth Project (FGP) and wellhead pressure management initiatives.
Additionally, a marginal rise in oil production from the Kashagan field and gas condensate output in the Karachaganak field is expected, OPEC noted.
Kazakhstan's oil production in July 2023 amounted to 1.5 mb/d. As of July, Kazakhstan's quota for oil production under the OPEC+ deal stood at 1.55 million b/d. Thus, according to S&P Global Commodity report, in the reporting period of 2023, Kazakhstan lagged behind the OPEC+ quota by 0.05 mb/d.
Furthermore, as the latest OPEC+ decision came in force June 4, Kazakhstan will adjust its oil production level to 1.628 mb/d throughout 2024.