Kazakhstan’s Oil Sector Contributes $7 Billion to National Fund in 2024

Kazakhstan's national fund contributions from the oil sector in 2024 reached 3.8 trillion tenge (approximately US$7 billion), according to the report on the formation and use of the national fund’s resources for 2024.

In 2024, contributions to Kazakhstan’s National Fund from oil sector organizations declined by 16% compared to 2023. Despite only a slight decrease in global oil prices, the drop in contributions was primarily driven by a reduction in oil production of 2.3 million tons and a decrease in oil exports by 1.3 million tons, The Caspian Post reports citing Kazakh media.

The national fund’s assets at the end of the reporting period totaled 34 trillion tenge (US$64 billion).

In 2024, the national fund’s foreign currency portfolio generated an investment return of 7.59%, totaling $4.6 billion. This growth in returns is largely attributed to the National Bank of Kazakhstan’s shift from a conservative to a more balanced asset allocation strategy, increasing the share of high-yield instruments from 20% to 40%. Additionally, in 2023, a portfolio of alternative instruments was formed within the national fund. These changes have enhanced investment efficiency and strengthened the fund’s resilience to external market volatility.