Kazakh oil extraction has three scenarios - minister

Kazakh Minister for Oil and Gas Uzakbay Karabalin said today that his ministry had developed three scenarios for oil extraction in the country: Boosted, Economical and PragmaticAccording to the International Energy Agency and BP studies, the global demand for oil will grow from 4 billion tons a year today to 5 billion tons in 2035. Prices for Brent will total $130-160 per barrel in the next three decades.The Kazakh Ministry for Oil and Gas prefers the Pragmatic Scenario, where oil extraction will gradually rise to 100 million tons in 2020, 110-115 million tons by 2030 and stabilize at 110 million tons in 2040-2050s.

Kazakh Minister for Oil and Gas Uzakbay Karabalin said today that his ministry had developed three scenarios for oil extraction in the country: Boosted, Economical and Pragmatic.

According to the International Energy Agency and BP studies, the global demand for oil will grow from 4 billion tons a year today to 5 billion tons in 2035. Prices for Brent will total $130-160 per barrel in the next three decades.

The Kazakh Ministry for Oil and Gas prefers the Pragmatic Scenario, where oil extraction will gradually rise to 100 million tons in 2020, 110-115 million tons by 2030 and stabilize at 110 million tons in 2040-2050s.