ASTANA, Kazakhstan, December 6. Kazakhstan intends to reduce oil production starting in January 2024 as a contribution to preventing uncertainty in the oil market, the Ministry of Energy of Kazakhstan said, Trend reports.
"Kazakhstan intends to fulfill its obligations adopted following the recent OPEC+ meetings held on November 30. Our obligations in the first quarter of 2024 will amount to 1.468 million barrels per day," the ministry said.
On November 30, OPEC+ oil producers reached a consensus on implementing voluntary production cuts nearing 2 mb/d for the beginning of next year, with Saudi Arabia maintaining its existing voluntary cut.
At the same time, previously, OPEC predicted liquids supply in Kazakhstan to grow by 0.1 mb/d to an average of 1.9 mb/d in 2023. Looking ahead to 2024, the forecast anticipates a growth of about 80,000 b/d in liquids supply, averaging 2 mb/d.
In 2023, Kazakhstan aims to produce 90.5 million tons of oil, with an export plan of 71 million tons. Comparatively, the country's oil production stood at 85.9 million tons at the close of 2021 and 85.7 million tons in 2020.
The volume of oil production in 2022 in Kazakhstan amounted to 84.2 million tons, or 101.6 percent of the planned figure.
The Tengiz field produced 29.2 million tons of oil, or 100 percent of the 2022 plan. Oil production at the Karachaganak field amounted to 11.3 million tons - 103.8 percent of the plan. At Kashagan, oil production amounted to 12.7 million tons - 109.5 percent.
Oil exports in 2022 reached 64.3 million tons, or 103.4 percent of the plan.
The volume of oil production in Kazakhstan at the end of 2021 amounted to 85.9 million tons, in 2020 - 85.7 million tons.