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Low oil prices ruin Kazakhstan’s energy hopes

The country has come a long way, materially, since the Soviet days, thanks to its long-established president. But like many other oil-dependent states, its immediate future is looking less certain

The sharp decrease in the global price of oil over the past year and sustained period of low prices have forced the Kazakh government to cut back projections for oil output in the near future as hopes pinned on oil from the giant but embattled offshore Kashagan field have yet to materialise. The country’s oil sector has been stagnant in recent years because of falling production in the country’s ageing fields and uncertainty around expansion of the flagship Tengiz and Karachaganak fields and about production at Kashagan. The low price of oil makes production at some Kazakh field economically unfeasible because of high production costs. The country’s oil and gas condensate output increased

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