BAKU, Azerbaijan, Mar. 15
Trend:
Kazakhstan’s KazMunayGas JSC isn’t planning to revise budget due to change in oil prices, Deputy Chairman of the Board for Economics and Finance of the company Dauren Karabayev said at a briefing, Trend reports on Mar.15 referring to Kazinform.
“The current budget for 2021 is based on a price of $40 per barrel. However, we don’t plan to revise the budget at the moment. This is due to the fact that it’s not yet clear what the average price for the year maybe. We don’t exclude that oil prices may decrease," Karabayev said.
Besides, according to him, when the budget for 2021 was formed, there was still no clarity on the restrictions on oil extraction under the OPEC + agreement.
“Therefore, we have set extraction at a level higher than was achieved by us in 2020, and respectively, the extraction plan may be lower. At the same time, we don’t exclude revising the budgets of some of our subsidiaries due to the fact that possible changes in the extraction level can entail changes in the production program ", added the company's official.