Kazakhstan is planning to increase its oil exports in 2024 despite facing reduced revenues and potential logistical complications, including navigating through Russian transit routes and dealing with possible sanctions impacts.
Kazakhstan increased oil exports by volume last year, but flagging prices meant this translated into diminished earnings. The plan for 2024 is to keep expanding sales abroad, although complications are looming on the horizon. One route that should see more traffic is the trans-Caspian corridor running through Azerbaijan, Georgia and Turkey. The Energy Ministry p;2 Companies That Could Help Europe Win Its Energy War With Russia Kazakhstan had other markets last year. It sent 1.
More than 70 million tons of oil were exported from Kazakhstan in 2023 —a 10 percent increase on 2022. Revenues amounted to $42.3 billion, a 10 percent drop year-on-year. The largest buyers were a familiar lineup European Union nations, China, Korea, Turkey and Singapore. The troubling imponderable is the Caspian Pipeline Consortium, the route by which around two-thirds of Kazakhstan’s oil gets to foreign markets.