Oil production in Kazakhstan for June updates 6-year low - study

Analysts of the First Credit Bureau cited data from the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan, on the basis of which about 4.9 million tons of crude oil were produced in the republic in June, El.kz reports.

"Over the past 9.5 years (since the beginning of 2013) only once the monthly figure was lower (4.28 million tons in August 2016). That is, oil production was at a minimum in almost 6 years. Only then oil cost less than $ 50 per barrel, and now it is double. The average volume of production in January-May 2022 was 6.37 million tons. The June volume is 22.5% less than the level of May and 16.1% inferior to the production of June 21," the publication says.

Along with oil, natural gas production also fell: from 4.96 billion cubic meters in May to 3.79 billion in June.

Moreover, "in Kazakhstan, the extraction of some minerals has sharply decreased," the authors write.

For example:

- Iron ore (from 4.88 million tons to 4.07 million – minimum since December 2020)

- Gold-containing concentrates (from 37.9 thousand tons to 28.4 thousand - minimum since April 2020)

- Manganese ores (from 40.2 thousand tons to 21.5 thousand tons, minimum since at least the beginning of 2013)

- Crude sulfur (from 374.8 thousand tons to 237.2 thousand - minimum since September 2017).

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