Kazakhstan will increase its oil supply in 2023 by 146 thousand barrels per day, according to OPEC’s November monthly oil market report. It bears noting that it is 28 tb/d more compared to the previous forecast. Experts say that this is mostly due to production ramp-ups at Kashagan. Oil production in the Tengiz field, along with the gas condensate output in the Karachaganak field, is also projected to rise marginally. In fact, OPEC has kept unchanged its October forecast for non-OPEC liquids production growth in 2023, which will stand at 1.5 million barrels per day. The main growth drivers are forecast to be Kazakhstan, the U.S, Norway, Brazil, Canada and Guyana. Overall, OPEC revised down each of its 2022 and 2023 global oil demand growth forecasts by 100,000 barrels per day. Thus, OPEC now sees global oil demand growth at 2.5 million bpd in 2022 and at 2.2 million bpd in 2023. According to experts, the uncertainties in the global economy and factors related to the pandemic and geopolitical developments may lead to a decrease in the oil demand.
