OPEC forecasts growth in Kazakh oil and gas production in 2023

Kazakhstan will raise the production of oil and gas condensate by 160,000 barrels per day in 2023, according to the forecast published by OPEC in its latest report. This will be facilitated by the growth in production volume at the Kashagan, Tengiz, and Karachaganak oil and gas fields. Meanwhile, analysts expect that this year, in addition to Kazakhstan, oil output will also increase in the U.S., Norway, Brazil, Canada, and Guyana. In terms of results, the country raised the output by 7,000 barrels up to 1.6 million bpd due to higher production at Kashagan and Karachaganak fields in December 2022. Also, oil exports via the Caspian Pipeline Consortium's (CPC) Black Sea terminal increased by five percent and the Baku-Tbilisi-Ceyhan pipeline by 10 percent.