AlwaysFree: Kazakhstan Expects Crude Oil Production To Rise 2.2% In 2022

Kazakhstan’s economy minister Aset Irgaliyev on Tuesday said that domestic crude and condensate production is expected to rise 2.2% to 87.9 million tons (1.76 million bpd) in 2022. The country also forecasts oil prices at around $64.5 per barrel in 2022 and around $58 per barrel in 2023. Previously, the energy minister estimated oil production at 86 million tons in 2021, considering Kazakhstan’s crude production ceiling of 1.491 million bpd, excluding condensate, under the OPEC+ supply deal for August. The production quota is set to increase by 16,000 bpd every month until April 2022.  Irgaliyev added that Kazakhstan’s oil output would reach 107.4 million tons by 2026. According to the energy ministry, Kazakhstan currently has a production capacity of around 90 million tons/year.