Kazakhstan may ramp up oil production up to 86 mln tons

NUR-SULTAN. KAZINFORM – Oil production in Kazakhstan may reach 86 million tons following the results of 2021, Minister of Energy Nurlan Nogayev said Friday, Kazinform correspondent reports.

Minister Nogayev said at the extended meeting that given the OPEC+ cuts in place in January 2021, Kazakhstan has released the worst-case scenario in line with which the country is projected to produce 83.4 million tons of oil in 2021.

However, given the optimistic signs of the global oil demand recovery, the minister didn’t rule out the chances that Kazakhstan might ramp up the oil production and eventually produce up to 86 million tons.

According to the 2020 results, Kazakhstan produced 85.7 million tons of crude oil and condensates and exported 68.5 million tons. In 2021, the country plans to export up to 67.5 million tons.

Refining output totaled 15.8 million tons in 2020, while this year it is expected to hit the mark of 17 million tons.

At the extended meeting, it was also noted that Kazakhstan's oil and gas sector had been negatively affected by the coronavirus pandemic which resulted in lower oil prices and OPEC+ cuts.