Experts announced the key performance indicators of the oil industry for May 2024

New issue of the “Monthly bulletin on oil and gas production and processing in the Republic of Kazakhstan” based on the performance in May 2024 is already available for subscribers of the analytical project (link).

According to the analytics and data from the Bureau of National Statistics ASPR RK, in May 2024, the country's subsoil users shipped 4.2% less petroleum, to the domestic market compared the previous month.

More detailed indicators by region, the average price of Kazakhstan producing enterprises for oil sold on the domestic market, as well as the dynamics of this indicator in comparison with the same period last year can be found in the latest analytical release of the Bulletin (link).

Thus, the next ministerial meeting of the countries participating in the OPEC+ agreement was held on June 2 of this year, in a combined online/offline format. The OPEC+ countries decided to extend the oil production target levels in force in 2024 for the whole of 2025 at almost the same level as in 2024.

Thus, the quota for 2025 for Kazakhstan (excluding voluntary additional production cuts) will be 1.628 million barrels per day.

According to the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan, in May 2024, Kazakhstan exported oil to 16 countries globally.

Generally, oil exports for the reporting month was 5.3% less than the previous month, but increased significantly compared to May last year. Export of Kazakh oil for January-May of this year was 5.3% higher than the volume for the same period last year.

More accurate indicators by country can be found in the May issue of the Bulletin (link).

Kazakh oil is shipped for export mainly by pipeline transport. Most of the Kazakh oil volume (~80%)routed through the Caspian Pipeline Consortium (CPC) along the Tengiz-Novorossiysk oil pipeline.

In 2024, CPC plans to transport about 65.2 million tons of Kazakh oil, and in 2023 it transported 63.47 million tons of oil for export.

More accurate indicators of how many million tons of Kazakh oil have already been transported by CPC for the 1st quarter of 2024 are available in the latest analytical report (link).

In addition, the release will contain information on the dynamics of changes in prices and their index compared to the previous period for gasoline in the context of the domestic and foreign markets, as well as indicators on the production and sale of other petroleum products.

You can purchase full access with advanced analytics and indicators in all areas of the oil production and refining industries via the link with exclusive conditions for members of the PetroMining Association (link).

The “Monthly bulletin on oil and gas production and processing in the Republic of Kazakhstan” project is prepared and implemented in partnership and close cooperation with @Naft.KZ and Petrocouncil.

We are open to questions, clarifications and presentation of our developments and analytics, and any cooperation in the joint implementation of the Bulletin (link).