Kazakhstan lost $3.8 billion in oil production over 8 months

First Deputy Prime Minister Alikhan Smailov said that Kazakhstan's revenues from oil production in January-August 2020 decreased by 1.6 trillion tenge (approximately $3.8 billion at the current exchange rate – ed.) compared to the same period last year, Interfax -Ukraine reports.

“Following the results of 8 months of this year, compared to last year, revenues from oil production decreased by 46%, or by 1.6 trillion tenge, including export losses amounted to 350 billion tenge, that is, 350 billion tenge less than last year,” he said at a briefing on Friday.

Smailov noted that the government is working to "turn all spheres of the economy into permanent sources of income." According to him, the manufacturing sector, agriculture, transport and tourism have the greatest potential.

The First Deputy Prime Minister added that next year the government expects Kazakhstan's GDP to grow by at least 2.8%, and up to 5% in the medium term.

The official exchange rate for September 4 is 420.43 tenge/$1.

Earlier it was reported that in 2021 oil production in Kazakhstan will amount to 86 million tons.

Tags: contracts, oil, hydrocarbon production, legislation, energy market, авиатопливо, Азия, добыча нефти, drilling, коронавирус, RF, Oil refinery plant, foreign affairs, OPEC+, export, negotiations, price, agreement, volumes, oil products, oil deliveries, well, field, gasoline, energy sector, quarantine, Brent, WTI, pandemic, COVID-19, decline in production, oil companies, oil reserves, crisis, The Ministry of Energy, economy, market, supplier, consumers, oil market

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