BAKU, Azerbaijan, November 25. Kazakhstan's crude oil production in October 2024 was estimated at 1.29 million barrels per day (mb/d), Trend reports.
OPEC's latest report highlights that the country's oil output dropped by 292,000 b/d compared to September 2024, when it stood at 1.58 mb/d.
This figure also marks a decline of 18,000 b/d compared to August 2024, when production reached 1.47 mb/d.
In the first quarter of 2024, Kazakhstan’s average daily crude output was 1.614 mb/d, followed by a decline to 1.555 mb/d in the second quarter, and 1.542 mb/d in the third quarter of the current year.
Meanwhile, Kazakhstan's oil production is expected to total 88.4 million tons by 2024-end, according to the country’s Minister of Energy Almassadam Satkaliyev.
"As of the end of October, oil production reached 73.5 million tons. The forecast for this year’s total production is 88.4 million tons. The lower production compared to the plan is due to scheduled maintenance at major fields: at Tengiz (where repairs related to the Future Expansion Project were carried out in May and August, lasting a total of 50 days) and at Kashagan (where a capital repair was performed to replace the slug catcher, involving a full shutdown for 28 days).
The decrease in output is also influenced by Kazakhstan’s obligations under the OPEC+ agreement. Kazakhstan participates in the OPEC+ agreement, with specific commitments for 2024, set at 1.468 mb/d. Meeting these obligations is essential for maintaining stability in the global oil market," the minister said.
