Kazakh Energy Minister announces 2018 oil price forecast

ASTANA. KAZINFORM Kazakh Minister of Energy Kanat Bozumbayev has announced the crude oil price forecast for 2018, Kazinform correspondent reports.

"The average Brent crude price was $45 and $54 a barrel in 2016 and 2017, respectively. As to the 2018 forecast, it is about $55-$60 a barrel," Kanat Bozumbayev told an extended session of the Ministry's staff.

The Energy Minister added that during the OPEC+ meeting on November 30, 2017, the sides agreed to continue limitting oil output until the end of 2018.

The minister also pointed out the key events which occurred in the oil and gas sector last year.

"One of the key events in 2017 was the completion of the project on expansion of the capacity of the Caspian Pipeline Consortium pipeline system in Kazakhstan's section up to 52 million tons. In 2017, the CPC pipeline transported 49.6 million tons of oil. In principle, the country's technical capabilities for oil exports amount to nearly 100 million tons as of today," Kanat Bozumbayev summarized.