Kazakhstan - 02

Kazakhstan: Ministry of Energy Responds to Oil Price and Falling Demand for Kazakh Services

On 23 September the Ministry of Energy announced that the Kazakh government has cut its oil output forecast by 1mn tons to 79.5mn tons for 2015 due to low global oil prices. Earlier this month Deputy Energy Minister Uzakbay Karabalin warned that according to the ministry’s scenarios for 2016, production can hit 79-80mn tons at $50/barrel, 77mn tons at $40/barrel and 73mn tons at $30/barrel. Recent events have suggested that the Kazakh government’s response to the negative external environment for exploration and production has been an even greater national consolidation of upstream assets and services.

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