Oil production in Kazakhstan is expected at the level of about 80 million tons by 2017
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Oil production in Kazakhstan is expected at the level of about 80 million tons by 2017

9 November 2016 15:54

The oil extraction amount in 2017 is expected at the level of 79.5 million tons with the subsequent increase up to 86.5 million tons in 2021, the minister of national economy Kuandyk Bishimbayev said during the plenary meeting, representing the forecast of social and economic development of the country for 2017-2021, BNews.kz reported.


"In case of the basic scenario the oil price is pledged at the conservative level of 35 dollars for barrel in 2017-2019 with the subsequent insignificant increase up to 45 US dollars for barrel by 2021. The prices of metals in 2021 will show growth to 11% to the level of 2016," the minister said.

As K. Bishimbayev claims, the oil extraction amount in 2017 is expected at the level of 79.5 million tons with the subsequent increase up to 86.5 million tons in 2021. Let's note that forecasts of the international financial institutions for an oil price in 2017 significantly differ (from 41 to 61 dollars for barrel). The basic scenario is taken for a basis of forming of the Forecast of social and economic development for 2017-2021 and the budget parameters for 2017-2019.

Meanwhile, according to the Head of department, real GDP growth in 2017 is predicted at the level of 1.9%, with the subsequent increase up to 3.1% in 2021. Nominal GDP, according to forecasts, will grow from 48.4 trillion tenge in 2017 to 63.6 trillion tenge in 2021."

In turn, GDP is per capita predicted at the level of 7.5 thousand dollars in 2017, with the subsequent growth to 10 thousand dollars in 2021.


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