Kazakhstan forecasts 2022 oil output up 2.2% to 1.76 million b/d

Kazakhstan expects crude and condensate production in 2022 to rise 2.2% to 87.9 million mt, or an average 1.76 million b/d, economy minister Aset Irgaliyev said Aug. 24.

Kazakhstan expects oil prices at about $64.5/b in 2022 and at about $58/b in 2023.

The energy minister previously forecast oil output of 86 million mt in 2021, given limitations under the OPEC+ agreement which set Kazakhstan's production at 1.491 million b/d excluding condensate in August, with monthly increases of 16,000 b/d until April 2022.

"By 2026, oil production will increase to 107.4 million mt," Irgaliyev said at a government session.

Kazakhstan's annual production capacity stands at 90 million mt of oil and condensate, according to the energy ministry.

The economy, which grew 2.7% in the past seven months due to measures taken to counter the coronavirus impact, is forecast to return to pre-crisis levels by the end of 2021.

"Further progress of the world economy depends on risks of the spread of the delta variant of coronavirus and low rates of vaccination in developing countries," National Bank Governor Erbolat Dosaev said.