Kazakhstan eyes reducing oil production to 85.7M tons in 2022

The Kazakh authorities plan to reduce oil production in 2022 from the previously forecasted 87.5 million tons to 85.7 million tons, Kazakh Minister of National Economy Alibek Kuantirov said, Report informs citing TASS.

"We have increased our oil price forecast from $60 to $90 per barrel in 2022. Oil production is [projected] a slight decline to 85.7 million tons, but there is compensation due to a higher price," Kuantirov said.

Earlier, the Ministry of Energy of Kazakhstan planned that oil production in 2022 would amount to 87.5 million tons.

The minister also said that the national currency exchange rate of 460 tenge per dollar was included in the 2022 budget.

The volume of oil production in Kazakhstan in 2021 amounted to 85.9 million tons. Oil production in Kazakhstan in 2020 amounted to 85.7 million tons.