OIL: Kazakhstan’s Oil Output at Largest Fields to be Stable in 2024

Kazakhstan’s oil production from its three largest fields: Tengiz, Kashagan and Karachaganak, will remain at the level of 2023 this year, the Kazakh Ministry of Energy said in a written response to Reuters.

• The Ministry of Energy saw oil output in 2024 at 90.3m mt, accoridng to Bloomberg headlines. This is the same as ealrier forecasts.
• The Moscow Times reported that oil production at the Tengiz field was 28.9m mt (630k b/d) in 2023, Kashagan – 18.8m mt (407k b/d), and Karachaganak – 12.1m mt (260k b/d), according to industry sources.
• Repairs on the fields will take place in August and October.
• The Ministry also said that production limitations under the OPEC+ deal for Kazakhstan will be effective for Q1, further restrictions for the rest of the year have not been discussed.