Kazakhstan Plans To Increase Oil Production By 2021

Kazakhstan Plans To Increase Oil Production By 2021Kazakhstan plans to increase oil production to 79.5 million in 2017 and to 86.5 million tons in 2021, according to the 2017-2021 socio-economic development outlook, the Kazakh National Economy Ministry said Sept. 15.

In the baseline scenario, the oil price is expected at $35 per barrel in 2017-2019, with an increase to $45 per barrel by 2021.

In 2015, oil production in Kazakhstan hit 79.46 million tons (1.7 percent decrease compared to 2014).

Kazakhstan plans to produce 74 million tons of oil in 2016.

Kazakhstan’s proven oil reserves as of early 2016 stood at 30 billion barrels, according to the BP Statistical Review of World Energy.