ASTANA – Kazakhstan produced an average of 1.827 million barrels of oil per day in July, down 36,000 barrels from June, according to OPEC’s August report.
Photo credit: Reuters
The OPEC+ quota for Kazakhstan in July was set at 1.514 million barrels per day, meaning production remained above the agreed limit. In May, output stood at 1.781 million barrels per day. Average daily production was 1.824 million barrels in April-June, 1.758 million in January-March, and 1.417 million in October-December of 2024. Kazakhstan’s annual averages were 1.539 million barrels per day in 2024 and 1.603 million in 2023.
OPEC countries collectively produced 27.543 million barrels per day in July, up 263,000 barrels from June. The forecast for global oil demand this year remains at 105.14 million barrels per day, 1.29 million more than in 2024. The 2026 estimate has been raised to 106.52 million barrels per day.
The average Brent ICE crude price in July was $69.55 per barrel, compared to $69.80 in June. Eight OPEC+ countries are expected to increase production in September.