Recovering oil prices have helped to stimulate Kazakhstan’s oil & gas sector, which is the main driver of the economy. The observation values for the 2015 and 2016 annual periods are forecasted values from the IMF staff.

If it falls to $40 and below, the government has a … Kazakhstan’s GDP growth slowed in 2014 due to weaker demand and the fall in oil prices. Regions Government fiscal policies were directed towards mitigating the impact on growth of lower oil prices. "I emphasize that all social obligations of the state will be fulfilled. Crude oil production in Kazakhstan saw a significant increase in the past four months of the current year as exploration and extraction of oil from its plentiful reserves grew by 6 percent, reaching 31.3 million barrels.According to the government data, Kashagan, a giant oil field located in the Caspian Sea, produced more crude oil than any other field of Kazakhstan, increasing by 11.5 percent in January-April, 2020.

"Despite the government's swift response to the crisis, Anceschi still sees trouble ahead for Kazakhstan. The government plans to Kazakhstan, which was part of the OPEC+ deal that collapsed earlier this month, will The central bank’s rates corridor, formed from the overnight deposit and lending rates, was held at plus or minus one and half percentage point around the benchmark. Large hydrocarbon resources and current investment in large production and transportation infrastructure projects in Kazakhstan provide significant commercial opportunities for U.S. companies. © Reuters The timing of Kazakhstan’s emergency rate hike was corrected in an earlier version of this story. At the same time, officials in OPEC believe demand contraction will be mitigated as soon as governments will ease COVID-19 related measures.Kazakhstan To Resume Flights With Seven Countries On August 17Kazakhstan is planning to gradually resume flights with seven countries starting from mid-August, including some holiday hot spots, the country’s Ministry of Industry and Infrastructure Development...Russia Approves 'World's First' Coronavirus VaccineWhile scientists from around the world are working overtime to create a vaccine that would bring a permanent end to the coronavirus pandemic, the Caspian's largest country has declared victory in t...WHO Gets Go-Ahead From Government To Begin COVID-19 Testing In TurkmenistanA team of World Health Organization (WHO) experts has finally received permission from the Turkmenistan government to conduct independent COVID-19 testing in the Central Asian country, WHO’s Region...The realization of a digital telecommunications corridor between Europe and Asia has been jeopard...Kazakhstan is planning to gradually resume flights with seven countries starting from mid-August,...As Belarus began loading fuel into its first reactor at the new Russian-built Astravets Nuclear P...Leading French rail transport manufacturer Alstom announced this week that it is running validati...

Regions A line forms outside a currency exchange office in Almaty on March 9, as people rush to change a falling tenge.

The oil price crash is an existential threat to petrostates from Nigeria to Iran, where governments rely on oil wealth to stabilize power and pay… For comparison, the average price of diesel in the world for this period is 377.65 Kazakhstan Tenge. The central bank tried selling dollars to support the tenge last week but failed to avert a drop of about 6%.Although only nine cases of coronavirus have so far been reported in Kazakhstan, a state of emergency was declared on Sunday until April 15. Regions © Reuters The chart below shows the price of diesel in the country relative to other countries. The relevant ministry stressed that Kazakhstan was taking all the necessary actions to … Kazakhstan’s economy faces the challenge of adjusting to a large terms-of-trade shock in a context of declining domestic and external demand. Crude oil production in Kazakhstan saw a significant increase in the past four months of the current year as exploration and extraction of oil from its plentiful reserves grew by 6 percent, reaching 31.3 million barrels. {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} On June 6, OPEC and its oil-producing allies agreed to extend the group’s historic production cut through July, and Kazakhstan has also supported this decision.

Regions Kazakhstan’s central bank said it will allow the currency of central Asia’s largest energy producer to depreciate after an Worsening global economic conditions are a “new reality,” the central bank said Monday in a statement on its website. After oil talks collapsed in Vienna on March, Kazakhstan’s Energy Minister, Nurlan Nogayev, told Reuters news agency that his government intended to cut costs as a remedial strategy. Crude Oil Production in Kazakhstan remained unchanged at 1941 BBL/D/1K in April from 1941 BBL/D/1K in March of 2020.

Cargo shipments from China dropped by 43% or 150,421 tons year on year, according to Kazakhstan's Industry Ministry.In a further blow, PetroChina issued a force majeure notice on March 5, saying that it was cutting imports due to the effects of the coronavirus epidemic. NUR-SULTAN, Kazakhstan – Average daily oil production in Kazakhstan in July amounted to 1.313 million barrels per day or 101% of the country’s obligations to cut oil production under the OPEC+ agreement, Kazakhstan Energy Ministry said on August 5, citing preliminary data. Taiwan lowers 2020 GDP forecast again on pandemic impactMalaysia GDP plunges record 17.1% in Q2 under pandemic pressureVietnam courts EU investment in medical and drug supply chainsChina's July retail sales slip 1% on year, surprising forecastersOil price plunge thrusts Kazakhstan into crisis modeSaudi-Russian spat slams local currency and compounds coronavirus fallout Hydrocarbon-reliant Kazakhstan's budget is based on oil trading at $55 a barrel; the price recently dropped below $40.

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