Kazakhstan Expects $7.9 Billion in Oil Revenue for National Fund in 2027
Kazakhstan expects oil-sector organizations to contribute nearly 3.78 trillion tenge ($7.9 billion) to the National Fund in 2027, according to the draft national budget for 2027–2029, approved in its first reading by deputies of the Kurultai on Oct. 14.
The forecast is based on oil production of 96 million tons and an assumed global oil price of $70 per barrel. Actual receipts will depend on production levels, international oil prices and exchange-rate fluctuations.
Kazakhstan’s oil exports have grown over the past decade, increasing from 63.6 million tons in 2015 to 71 million tons in 2024 and 76.3 million tons in 2025. The country produced a record 99.6 million tons of oil in 2025, supported in part by higher output at the Tengiz field.
For 2026, Kazakhstan revised its oil production target downward from 98 million to 96 million tons following disruptions affecting the Caspian Pipeline Consortium (CPC), a major route for exporting Kazakh crude.
The proposed budget outlines the government’s fiscal expectations for 2027–2029, including the oil sector’s projected contribution to the National Fund. Changes in global prices, production and export volumes could affect the final revenue figures.
Photo credit: CNBC
