Kazakhstan plans to increase oil production to 100M tons by 2028

The Kazakh authorities plan to increase oil production to 100 million tons in 2028, Minister of National Economy Alibek Kuantyrov said at a plenary meeting of the Senate (upper house of parliament), Report informs referring to local media.

“The base scenario with an oil price of $80 per barrel is taken as the basis for forming the forecast (of the socio-economic development of the country)... Positive dynamics are expected in all basic sectors of the economy. Due to the expansion of production at the Kashagan, Tengiz and Karachaganak fields, oil production will exceed 100 million tons,” said Kuantyrov, presenting the forecast of the country’s socio-economic development for 2024-2028 and the Law “On a guaranteed transfer from the National Fund of the Republic of Kazakhstan for 2024-2026.”

According to forecasts, oil production will increase from 95.4 million tons in 2024 to 102 million tons in 2028.

At the same time, real GDP growth in Kazakhstan is projected at 5.3% in 2024, followed by an increase to 6% in 2026-2028.