The Government of Kazakhstan has set the oil price forecast at $75 per barrel for its 2025-2029 budget, according to Azernews.
At a recent government meeting, officials outlined three economic scenarios based on potential changes in external factors. The primary scenario is based on an average oil price of $75 per barrel.
Previously, the Cabinet of Ministers had used a $80 per barrel oil price when preparing the national budget for 2024-2026. Additionally, plans are in place to boost oil production significantly.
Oil production is expected to rise from 97.2 million tons in 2025 to 104.8 million tons by 2029. In comparison, Kazakhstan produced 90 million tons of oil in 2023 and aims for 90.3 million tons in 2024. In the first half of 2024 alone, the country produced 44.7 million tons of oil.