SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

The country reduced oil exports by 16.5 percent year-on-year to 5.888 million tonnes and increased exports of natural gas by 10.7 percent to 5.03 billion cubic metres (bcm).

Kazakhstan’s economy first returned to growth in the first half of 2021 after months of contraction.

Oil production in March was below the country’s quota under OPEC+ commitments at 675,000 bpd. Azerbaijan is now set to produce 682,000 bpd in April and 688,000 bpd in May.

Natural gas production rose by 8.2 percent on annual basis to 15 billion cubic metres (bcm) in January-March this year.

The non-oil sector grew by over 10.1 percent in January-March, up from 2.1 percent in the same period last year.