Kazakhstan expects oil prices to stabilize in 2017

ASTANA. KAZINFORM - Kazakhstan's Ministry of Energy expects that the crude oil market will stabilize in early 2017.

"According to international experts, the oil prices will stabilize in the mid $60-65 range in 2017-2018. But Kazakhstan expects that the crude oil market will stabilize in 2017. Tengizchevroil, Karachaganak Petroleum and Kashagan oilfield will step up oil production in Kazakhstan," said Minister of Energy Mr. Kanat Bozumbayev.

He also added that Kazakhstan plans to produce 74 million tons of oil this year.