Kazakhstan sees sharp decline in oil production

Speaking during government hour in the Majilis (parliament), the Minister of Energy Almassadam Satkaliyev reported significant decrease in oil production in Kazakhstan.

Over 10 months of this year, it amounted to 73.5 million tons. This figure falls short of the annual oil production target of 88.4 million tons. The shortfall is the result of essential maintenance at the couuntry's largest Tengiz and Kashagan fields, AiF-Kazakhstan reports, citing the minister.

Unscheduled shutdowns at the Karachaganak field have made a significant contribution to the decline in oil production, Satkaliyev said, adding that the level of oil production is also affected by the fulfillment of obligations under the OPEC+ agreement, which presupposes strict quotas for 2024.