Kazmunaygaz Steady in Oil Production Amid Growth

Kazakhstan's Kazmunaygaz aims to keep its oil production steady at 23.5 million metric tons in 2025, following a year-on-year output increase of 3.1% in the first nine months of 2024. The state-owned company ranks as the country's third-largest oil producer.

Kazakhstan's state-owned oil firm, Kazmunaygaz, announced plans on Friday to maintain its oil production levels at 23.5 million metric tons in 2025. This decision comes amidst a year of growth for the company.

During the first nine months of 2024, Kazmunaygaz reported a significant 3.1% increase in oil output compared to the previous year, totaling 18.04 million tonnes. This cements the company's position as the third-largest oil producer in Kazakhstan.

Kazmunaygaz's strategy to sustain its production levels reflects a stable market approach while building on its successful performance in 2024.

(With inputs from agencies.)