The Kazakhstan Ministry of Oil and Gas has defined three basic scenarios of oil production: Forces, Economy and Pragmatic, said Kazakh Minister of Oil and Gas Uzakbay Karabalin at the enlarged session of the Ministry.
“There are several reasons for that. At first, the forecasts of all leading expert world organizations show that oil and gas will maintain their leading role in the structure of energy carriers for a long time. According to the International Energy Agency and BP analysts, by 2035 demand in oil in the world will go up from the current 4 to 5 billion tons a year. Considering that, in the coming 30 years Brent oil prices will go up to $130-160 per barrel, according to the most modest estimates,” Karabalin said.
He said Pragmatic scenario seems to be the most optimal one. It is oriented to a dynamic, but a gradual production growth up to 100 million tons in 2020, up to 110-115 million tons by 2030 and stabilizing at 110 million tons in 2040-2050.