Kazakhstan may reduce volume of oil extraction in 2016
17:36, 23 February 2016
ASTANA. KAZINFORM - Kazakhstan will reduce the oil extraction from 77 to 74 million tons in 2016 if the oil price goes below 30 dollars a barrel, Deputy Minister of Energy of Kazakhstan Asset Magauov told at the CCS media briefing.
"If the price for oil goes below 30 dollars a barrel the oil extraction will be reduced to 74 million tons. The subsoil users make this decision based on their financial abilities," A. Magauov explained.
According to him, it was planned to extract 77 million tons of oil in 2016 if the price for oil was 40 dollars a barrel. However, it will be reconsidered if oil prices continue to plummet.