Kazakhstan may cut its forecast for 2009 oil production by 3 million metric tons due to lower world oil prices, the Kazakh economy and budget planning minister was quoted Tuesday by Interfax as saying.
Bakhyt Sultanov said the oil production forecast, which was set for 77 million tons for 2009, may be reduced if the price of oil remains at $40 a barrel, Interfax reports. He said some oil fields wouldn't be profitable enough at that price level.
Kazakhstan produced 70.6 million tons of oil and gas condensate in 2008, a rise on the year of 4.8%.