Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 25 Jul 2024 by Evgeny Gavrilenkov
Jul 10 Energy Information Administration: The US Department of Energy lowered the forecast for the production of liquid hydrocarbons in Kazakhstan for 2024-2025 from 1.95 bpd to 1.92 bpd. OPEC+: Kazakhstan exceeded OPEC+ quota by 72K b/d in June. Agency for Protection and Development of Competition: China's CNPC increased its share in the total volume of oil supplies to the Kazakh market in 2023 to 39.3% from 35.6% in 2022. As a result, CNPC and the Kazakh KMG combined supplied over two-thirds of the oil in 2023. Jul 11 Central depositary: The Central Securities Depository of Kazakhstan advises clients to withdraw Russian securities from its custody before August 10 due to sanctions against the Russian National Settlement Depository. Jul 12 NBK: The Bank of Kazakhstan cut the base rate by 25 bps to 14.25%. Stock exchanges: The KASE and AIX merger was paused due to US sanctions against the Moscow Stock Exchange (one of the shareholders of KASE). Government: The First Deputy Prime Minister Mr. Sklyar and CEO of Gazprom Mr. Miller held talks in Moscow. Jul 15 Oil transportation: The volume of oil transportation via the Baku-Tbilisi-Ceyhan pipeline in 1H24 reached 14.5 mln tons (-3.7% y-o-y). Ministry of Economy: National economy may return to the previous growth trajectory after a slowdown in the recent four months. Bureau of National Statistics: Investments in fixed assets in Kazakhstan in 1H24 decreased by 3.5% y-o-y. Bureau of National Statistics: Industrial production in Kazakhstan increased by 2.8% y-o-y in 1H24. Azeri Rail: Chinese companies expressed intention to enter into the joint venture Middle Corridor Multimodal Ltd., created by the railway operators of Kazak...

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