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  • Kazakhstan to reduce oil production in second half of 2020
23 June, 2020 16:41

Kazakhstan to reduce oil production in second half of 2020

The Government of Kazakhstan has adopted the Decree “On Introducing Temporary Restrictions on the Use of Subsoil Sites for Medium, Large and Gigantic Fields Proportionally to Export Volumes”, Strategy2050.kz reports with the reference to primeminister.kz.

Kazakhstan to reduce oil production in second half of 2020 | Strategy2050.kz

The adopted approach allows to meet the needs of the domestic market of the Republic of Kazakhstan in the necessary volumes of oil products, as well as a fair distribution of obligations to reduce oil production for large projects and old fields that are at the stage of a natural decline in production.

The measures taken will reduce the risk of emergency shutdowns of Kazakhstani fields and ensure a stable flow of funds from the export of Kazakhstani oil.

Thanks to the previously taken measures to reduce oil in Kazakhstan and other countries, there is a positive trend in the dynamics of oil prices (as of June 23, 2020, the price of the Brent brand amounted to 42.23 dollars per barrel) and a decrease in the imbalance in the oil market.

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SMEs will make up at least 50% of the GDP

abour productivity will reach up to $126 000 and 3 to 6 y.o. kids will have 100% access to pre-school education in Kazakhstan.

Kazakhstan will fully satisfy its own market of POL in compliance with the new environmental standards

The share of non-primary exports in total exports will double and triple by 2040

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95% of the population will speak Kazakh

15% of the area under cultivation will make use of water-saving technologies.

The issue of providing water for irrigation will be resolve

GDP per capita will stand at $60 000

The urban population will represent 70% of the total population in Kazakhstan