Kazakhstan Restores Oil Production and Benefits from Rising Prices

Kazakhstan has fully restored its oil production following disruptions in shipments via the Caspian Pipeline Consortium (CPC) in December–January, allowing the country to benefit from rising global oil prices, Minister of Energy Yerlan Akkenzhenov said.

The statement was made during the CERAWeek energy conference in Houston. According to the minister, current oil production in Kazakhstan stands at approximately 1.7 million barrels per day, with an additional 400 thousand barrels per day of gas condensate.

Rising global hydrocarbon prices, driven by geopolitical tensions in the Middle East, are creating favorable conditions for Kazakhstan’s exports. According to the Ministry of Energy, around 52% of the country’s state budget revenues are generated from the oil sector.

Akkenzhenov noted that operators of major oil fields are considering increasing investments to further expand production. At the same time, Kazakhstan has not yet held consultations with OPEC+ members regarding potential production increases amid current market conditions.

The recovery in production combined with favorable price dynamics strengthens Kazakhstan’s position in the global oil market and supports export revenues.

Sources: Reuters; Ministry of Energy of Kazakhstan (gov.kz).