Ministry of National Economy Head Expects Oil Price to Rise

Nurlan Baibazarov, the Ministry of National Economy head, expects the price of oil to rise, Orda reports.

The Minister stressed that adhering to the existing parameters is necessary to achieve the goal of accumulating 78.7 billion dollars by 2027. 

We have time until 2030 - five years. The first factor in achieving 100 billion in the National Fund is the volume of oil production. In 2030, it will stabilize at about 105 million tons. At the same time, we expect the average price to be 75 dollars per barrel. Of course, the volume of withdrawals also has an affect. To achieve the target, we must reduce withdrawals to five billion, said Baibazarov.

He added that the government will work to replace transfers currently taken in increased amounts from budget revenues. 

Original Author: Olga Ibraeva