BAKU, Azerbaijan, February 16. International Energy Agency (IEA) predicts that the average daily oil production of Kazakhstan will reach 1.97 million barrels per day in 1Q2023, Trend reports, citing the latest Oil Market Report issued by the IEA.
"The oil production will remain steady in the next quarter. However, it is expected to reduce slightly to 1.9 million barrels a day in 3Q2023," IEA said.
No information has been provided on the 4Q2023 estimates.
The Agency notes that the January oil production rate was slightly higher than the average, with a daily output of 2.01 million barrels. The IEA believes that the output will decrease slightly in February due to the repair work at the Tengiz oil field.
The average daily oil production in Kazakhstan amounted to 1.82 million barrels per day in 2022. Significantly lower figures for 2022 are explained by unscheduled repair work at the Kashagan oil field, which were carried out for several months and led to a significant production drop.
From August through November 2022, the daily output amounted to 100,000 barrels per day, which equaled to a quarter of the normal production level.