12:37 - 5.04.2022

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April 5, Fineko/abc.az. The Kazakh authorities plan to reduce oil production in 2022 from the previously predicted 87.5 million tons to 85.7 million tons, ABC.AZ reports citing National Economy Minister Alibek Kuantyrov of Kazakhstan.

"We’ve increased the forecast for oil prices from $60 up to $90 per barrel in 2022. Oil production is projected to decrease slightly to 85.7 million tons, but compensation will be due to a higher price," Kuantyrov said.

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

The minister added that the national currency exchange rate of 460 tenge per dollar is included in the budget of 2022.

The oil production in Kazakhstan by the end of 2021 reached 85.9 million tons (against 85.7 million tons in 2020).