Kazakhstan to produce 96-98 million tons of oil in 2026, below plan

Reuters
03/11
UPDATE 1-Kazakhstan to produce 96-98 million tons of oil in 2026, below plan

Adds detail, context

ASTANA, March 11 (Reuters) - Energy Minister Yerlan Akkenzhenov said on Wednesday that Kazakhstan's oil and gas condensate production this year is expected to reach between 96 million and 98 million metric tons, below the planned 100.5 millions tons.

That would equate to up to 2 million barrels per day, according to Reuters calculations.

Akkenzhenov told reporters at the country's parliament that the shortfall was due to Ukrainian attacks on the Caspian Pipeline Consortium, which carries the bulk of Kazakhstan's oil exports to the Russian port of Novorossiysk, as well as disruptions at the Tengiz oilfield, the country's largest.

Tengiz was hit by a series of outages earlier this year that saw production suspended for much of January.

Akkenzhenov said production at Tengiz had been restored, and now stands at 120,000 tons per day.

Kazakhstan ordinarily accounts for around 2% of world oil supply, but it has reduced production in recent months.

(Reporting by Tamara Vaal. Writing by Felix Light. Editing by Louise Heavens and Mark Potter)

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