Kazakhstan’s oil and gas condensate output is now seen at 87.8 million metric tons in 2024, down from the previously expected figure of more than 88 million tons (1.76 million barrels per day), Energy Minister Almasadam Satkaliyev said on Tuesday.

The ministry had previously expected oil production at 90.3 million tons this year compared to 89.9 million tons in 2023.

Kazakhstan has for much of this year exceeded its OPEC+ production quota and the government has promised that cuts warranted by maintenance would help offset that.

Satkaliyev cited a number of reasons for the declining output, including maintenance at the country’s largest oilfield, Tengiz, which will undergo maintenance until the end of the year.

In January-November, the country’s overall oil and gas condensate production totalled 80.5 million tons, the ministry said.
Source: Reuters (Reporting by Tamara Vaal; Writing by Vladimir Soldatkin, Editing by Louise Heavens and Susan Fenton)