MOSCOW (Pakistan Point News / Sputnik - 25th August, 2020) Kazakhstan plans to reach oil production of 86 million tonnes (metric tons) next year, Minister of National Economy Ruslan Dalenov has announced.
"The oil production volume of 86 million tonnes [is expected] in 2021, 89.6 million tonnes - in 2022 and 100.8 million tonnes in 2023. The oil price is set for $35 a barrel for 2021-2023, provided a conservative approach," Dalenov said on Tuesday.
Kazakhstan complied with the OPEC+ agreement to reduce oil production by 71 percent in May, but in June the country's Energy Ministry pledged to compensate for it in August and September.
In June, oil production excluding condensate in Kazakhstan amounted to 5.3 million tonnes, or 1.297 million barrels per day.
According to Kazakhstan's Energy Ministry, this year, oil production in Kazakhstan is expected to amount to 85.2 million tonnes.
