Kazakhstan could adjust its oil production forecast for 2023 due to power disruptions

ASTANA. Aug 14 (Interfax) - Power disruptions in the west of Kazakhstan may affect the oil production forecast for 2023, the nation's Energy Ministry said in a statement.

"Due to power disruptions we are currently seeing a decline in oil production in the Mangistau Region, which, in turn, will affect the oil production forecast for the rest of the year," the ministry said.

The ministry noted that today the forecast of oil production for 2023 "taking into account actual production in 7M and plans is 99.4% of the plan of 90.5 million tonns".

In addition, the energy ministry pointed to the nation's obligations under the OPEC+ agreement.

"The Ministry will continue further monitoring of production due to the impact of power disruptions in the Mangistau region. In connection with which the forecast of oil production may be adjusted," the ministry added.

Earlier, Kazakhstan's Energy Minister Almasadam Satkaliev reported that the country's oil production forecast for 2023 is 89-90 million tons.

Oil production in 2022 totaled 84.2 million tonnes.