Kazakhstan’s Oil Sector Contributes $7 Billion to National Fund in 2024
In 2024, Kazakhstan’s National Fund received 3.8 trillion tenge (approximately US$7 billion) in contributions from the oil sector, according to the government’s official report on the formation and use of the National Fund's resources for the year.
This figure represents a 16% decrease compared to 2023. The decline in contributions occurred despite only a minor drop in global oil prices and was primarily attributed to a reduction in domestic oil production by 2.3 million tons and a decrease in oil exports by 1.3 million tons.
As of the end of the reporting period, the total assets of the National Fund stood at 34 trillion tenge (US$64 billion).
The foreign currency portfolio of the National Fund demonstrated a strong performance, generating an investment return of 7.59%, equivalent to US$4.6 billion. This growth is largely credited to the National Bank of Kazakhstan's revised investment strategy, which shifted from a conservative to a more balanced approach.
Under the updated strategy, the share of high-yield instruments in the portfolio was increased from 20% to 40%. In addition, a portfolio of alternative instruments was created in 2023, contributing to enhanced investment efficiency. These measures have improved the fund’s performance and increased its resilience against external market fluctuations.
The National Fund remains a key tool for ensuring macroeconomic stability and intergenerational equity by preserving and growing the country's oil revenues.
