Kazakhstan aims to produce over 100 million tons of oil starting in 2026, according to the Ministry of Energy.

“Three major fields play a significant role in the development of the country’s oil and gas complex, accounting for 65% of the republic's oil production. According to forecasts, starting in 2026, annual oil production is expected to exceed 100 million tons due to the implementation of large-scale projects,” reported the head of the agency.

He added that the oil production volume for the first 10 months reached 73.5 million tons. The forecast for oil production this year stands at 88.4 million tons.

The minister explained that the decrease in production compared to the plan is due to major repairs being conducted at large fields: Tengiz and Kashagan.

Furthermore, he mentioned that unplanned shutdowns at the Karachaganak field and restrictions on gas intake at the Orenburg Gas Processing Plant also contributed to the reduction in production.

As clarified by the agency, the decline in production levels is also influenced by the commitments made under the OPEC+ Agreement. Kazakhstan participates in the OPEC+ agreement, which has set specific commitments for 2024, similar to those of other countries.