Draft budget of Kazakhstan for 2025-2027 includes oil price of $75 per barrel

By Alimat Aliyeva

The Government of Kazakhstan has budgeted for 2025-2029 the price of oil at $75 per barrel, Azernews reports.

Speaking at a government meeting, he noted that, depending on changes in external parameters, three scenarios for the development of the economic situation have been formed.

"The baseline scenario suggests an average oil price of $75 per barrel," he said.

Earlier, the Cabinet of Ministers of Kazakhstan set the oil price at $80 per barrel when forming the republican budget for 2024-2026. Baibazarov also announced the country's plans to further increase oil production.

"The volume of oil production will increase from 97.2 million tons in 2025 to 104.8 million tons in 2029," he said.

In 2023, 90 million tons of oil were produced in Kazakhstan, and 90.3 million tons are planned to be produced in 2024. In the first half of 2024, 44.7 million tons were produced in the country.