AERC continues to monitor oil market dynamics, particularly in light of recent geopolitical events that have increased price volatility. The current report analyzes the latest OPEC and IEA forecasts regarding the supply and demand for crude oil. Notably, both OPEC and the IEA have revised down their oil supply forecasts for 2025.
It was reported that in January, Kazakhstan increased its oil production by 73.0 thousand barrels per day (bpd) compared to the previous month, reaching a level of 1.54 million bpd. This increase was largely offset by Mexico and Russia among non-OPEC countries. According to the IEA, Kazakhstan’s oil production in January was even higher, reaching 1.56 million bpd—90.0 thousand bpd above the OPEC+ quota of 1.47 million bpd.
For more details on this and our short-term forecast, see the attached file.
