BAKU, Azerbaijan, October 13. Kazakhstan's oil output is forecast to stand at 1.95 mb/d in 2024.
As per data provided to Trend by the International Energy Agency (IEA), this forecast has been revised down by 0.02 mb/d, compared to the previous month's outlook.
The agency noted that, in September, the production of Kazakh crude oil increased by 130,000 b/d, reaching 1.58mb/d.
This rise was attributed to the conclusion of maintenance activities at the Tengiz field, which is the largest oil producer in the country, the IEA explain ed. The maintenance work at the Tengiz field, with a capacity of almost 700,000 b/d, spanned from the beginning of August until mid-September.
In particular, the country's crude production level in 1Q2024 and 2Q2024 is expected to stand at 1.93 mb/d and 1.97 mb/d, respectively.
At the same time, the IEA noted that there is a potential delay of up to six months, pushing the estimated $47 billion expansion project aimed at increasing Tengiz field's capacity by 260,000 b/d to the end of 2024.
Kazakhstan's oil exports in 2022 reached 64.3 million tons, or 103.4 percent of the production plan. The country also plans to produce 90.5 million tons of oil in 2023, of which 71 million are planned to be exported.
The volume of oil production in Kazakhstan at the end of 2021 amounted to 85.9 million tons, in 2020 - 85.7 million tons.