Kazakhstan’s Kashagan oilfield
Kazakhstan lays groundwork for transformation
The country is pushing to increase production and expand key projects despite challenges including OPEC+ discipline and the limitations of its export infrastructure
Kazakhstan is among the world’s leading non-OPEC oil suppliers, holding about 3% of the world’s proven oil reserves and nearly 2% of global crude output. Its oil exports via the Caspian Pipeline Consortium (CPC) are vital for Europe's energy supply, and it regularly supplies naphtha-rich crude feedstock to the Asian petrochemical industry. As the oil sector looks to the country’s 2026 production forecast, it must take into account evolving OPEC+ quotas, ongoing fiscal reforms and adjustments to agreements with IOCs. Kazakhstan’s budget and policy documents envisage a technical output capacity of 2m b/d in 2026. The chairman of Kazakhstan’s state-owned oil and gas company, KazMunayGas (KMG),
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