Kazakhstan’s Atyrau oil refinery
Kazakhstan’s upstream feels the strain
Flat oil growth in 2024 highlights mounting industry problems
Kazakhstan’s upstream sector is set to post stagnant growth this year despite increasing focus on the Middle Corridor—or Trans-Caspian International Transport Route (TITR)—linking China with Europe and bypassing more geopolitically sensitive trade routes to the north and south. Central Asia’s largest country has enjoyed plenty of growth post-pandemic, but falling upstream investment, OPEC+ production cuts, and legal challenges against some of its largest oil and gas projects are set to stymie growth in 2024. “The high investment growth observed in previous years was primarily due to the Tengiz expansion project, which is no longer the case,” said Sanzhar Kaldarov, chief analyst at the Kazakh
Also in this section
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
