Kazakhstan Expects Nearly 3.78 Trillion Tenge From Oil for National Fund in 2027

Kazakhstan expects to receive nearly 3.78 trillion tenge (US$7.9 billion) from oil-sector organizations for its National Fund in 2027, according to a draft national budget for 2027-2029. Deputies of the Kurultai approved the draft in the first reading on Oct. 14.

The forecast is based on expected oil production of 96 million tons and a global oil price of $70 per barrel. The projected decline in National Fund receipts comes as Kazakhstan continues to export more oil than it did a decade ago. Exports rose from 63.6 million tonnes in 2015 to 76.3 million tons in 2025, when the country produced 99.6 million tons of oil.

For 2026, the production target was cut to 96 million tons from 98 million tons following disruptions affecting the Caspian Pipeline Consortium (CPC), a major export route for Kazakh crude. National Fund receipts depend on production, international oil prices and the exchange rate, and changes in global markets or export volumes could affect the final amount.