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IMF forecasts oil production in Kazakhstan to grow

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The International Monetary Fund (IMF) forecasts oil production in Kazakhstan to increase to 1.69 million barrels per day in 2017.

In 2016, 1.62 million barrels of oil were daily produced in Kazakhstan, said the IMF’s updated Regional Economic Outlook for the Middle East and Central Asia.

Oil production in Kazakhstan will grow to 1.79 million barrels per day in 2018, according to the IMF forecast.

The IMF also forecasts the export of oil from Kazakhstan to reach 1.38 million barrels per day in 2017 and 1.49 million barrels per day in 2018.

Kazakhstan’s proven oil reserves stood at 30 billion barrels in early 2015, according to BP’s Statistical Review of World Energy.

Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan.

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