Kazakhstan's Ministry of Energy has downgraded the country's oil production forecast for 2024 from the previously estimated level of 88.4 million tons, Kazakh Minister of Energy Almassadam Satkaliev said, Report informs.
"Oil production by the end of 2024 will amount to 87.8 million tons. The forecast reduction is due to several factors," the minister said during a government meeting on December 17.
He reported that during the first 11 months of 2024, the country produced 80.5 million tons of oil with condensate, a 2% decrease compared to the same period last year.
At Tengiz, 25.9 million tons of oil were produced during this period, a 2.1% decrease, and at Kashagan 15.8 million tons, a 7.2% decrease.
"During the reporting period, Kazakhstan exported 63.2 million tons of oil, or 98.3% compared to the same period last year," Satkaliev added.
Thus, the decline compared to January-November 2023 was 1.7%. The minister added that gas production in Kazakhstan in January-November 2024 amounted to 53.8 billion cubic meters, 0.2% increase. During the reporting period, commercial gas exports reached 5.4 billion cubic meters, 1.9% increase, while domestic consumption was 18.2 billion cubic meters, 9% increase.