BAKU, Azerbaijan, September 12. Kazakhstan's liquids supply in 2023 is anticipated to increase by 0.1 mb/d, reaching an average of 1.9 mb/d.
According to the report obtained by Trend from OPEC, in July, Kazakhstan witnessed a decline in its liquid output, with a month-on-month drop of 87,000 b/d, averaging 1.8 mb/d. Specifically, crude production decreased by 59,000 b/d month-on-month, averaging 1.5 mb/d.
Simultaneously, there was a 28,000 b/d month-on-month reduction in natural gas liquids (NGL) and condensate output, which averaged 0.3 mb/d.
OPEC believes that the dip in oil production during early July can be attributed to an unforeseen incident: a substantial generation unit at a pivotal power plant in Kazakhstan's western Mangistau region experienced an emergency shutdown.
This disruption in power supply also impacted the operation of crude pumping stations within the Caspian Pipeline Consortium (CPC) system, briefly resulting in reduced crude intake along Kazakhstan's primary export route.
Moreover, Kazakhstan has been lagging behind its production quota of 1.55 mb/d, which was established as part of the OPEC+ agreement, for several months already. Consequently, in August, Kazakhstan fell short of the quota by 100,000 b/d.
As the latest OPEC+ decision came in force June 4, Kazakhstan is expected to adjust its oil production level to 1.628 mb/d throughout 2024.