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Kazakhstan plans to produce 88.4 million tonnes of oil in 2024 instead of the previously announced 90.3 million tonnes, Energy Minister Almasadam Satkaliyev said.
Oil production in the country totaled 73.5 million tonnes in the first ten months of 2024, Satkaliyev said during the government hour in the lower house of parliament on Monday.
He said production will be lower than planned because of overhauls at the Tengiz and Kashagan fields, as well as Kazakhstan’s obligations under the OPEC+ agreement.
He recalled that Kazakhstan’s OPEC+ production commitment for 2024 is set at 1.468 million barrels per day. “Fulfilling the terms of the agreement is necessary to maintain stability on the world oil market,” Satkaliyev said.
He said unscheduled shutdowns at the Karachaganak field and restrictions on gas intake at the Orenburg gas processing plant also contributed to the drop in production.
