Uzbekistan Seeks Balance in Oil and Gas Market Amid Growing Demand

Uzbek President Shavkat Mirziyoyev reviewed measures to ensure stability in the oil and gas market, including uninterrupted supplies of hydrocarbon resources to economic sectors and the population. The head of state emphasized that growing demand for natural gas and petroleum products necessitates a stable supply to meet domestic needs.

Mirziyoyev noted that expansion of production capacity and increasing demands from the population are driving up requirements for these resources, requiring officials to anticipate seasonal demand and prevent unjustified price increases. The President highlighted the importance of establishing daily oversight of all processes, from drilling wells to connecting them to the gas transmission system.

Uzbekneftegaz JSC was tasked with ensuring full compliance with established oil and gas production targets to maintain balance between supply and demand in the domestic market. The company is also responsible for increasing liquefied gas production to 606 thousand tons by year's end, up from 520 thousand tons previously planned.

The President instructed officials to analyze domestic market demand daily, identify potential supply risks in advance, and take timely measures to address them. He emphasized the need to ensure a steady supply of raw materials to oil and gas enterprises, make efficient use of existing capacity, and increase production of goods in high demand on the domestic market.

Furthermore, Mirziyoyev stressed the importance of maintaining price stability through adequate market supply, offering products for trading on the commodity exchange in line with demand, and reducing production and logistics costs. He also instructed officials to prevent unjustified restrictions on resource supplies, artificial shortages, and actions aimed at driving up prices.