Kazakhstan’s Caspian Pipeline Consortium (CPC), responsible for exporting the country’s oil via the Black Sea, has reported that it pumped 64.4 million metric tons of oil in 2024. This figure falls short of the company’s target, which was set at over 70 million tons, or 1.5 million barrels per day. Back in May, the consortium had already forecasted a 7% shortfall in its oil exports due to lower loadings from the Tengiz field, which amounted to about 65.2 million tons. Despite missing the target, this year’s exports still surpassed the previous record of 63.5 million tons set in 2023.
Kazakhstan’s Energy Minister, Almasadam Satkaliyev, noted that both Kazakhstan and its Azerbaijani partners are eager to gradually increase the volume of Kazakh oil shipments, suggesting ongoing interest in expanding this route.
In terms of crude production, Kazakhstan aimed to produce 88.4 million metric tons (1.82 million barrels per day) of oil in 2024. This is lower than the initial target of over 90 million tons, reflecting the country’s OPEC+ output reduction commitments. Earlier in the year, Kazakhstan, along with Russia and Iraq, submitted compensation plans to the OPEC Secretariat for exceeding production quotas in the first half of 2024. These plans outline how the overproduced volumes will be balanced by September 2025, with Kazakhstan committed to reducing 620,000 barrels per day. Despite concerns from traders about potential oversupply in the market, OPEC+ has assured that the tapering of production will depend on market conditions.
In a significant shift, Kazakhstan is considering increasing its crude oil exports via Turkey’s Ceyhan port, cutting back on its current reliance on Russia for over 80% of its oil exports. Satkaliyev indicated that exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline could rise from 1.5 million to 20 million metric tons per year as Kazakhstan ramps up production.
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