Last year, the country drafted a plan to increase oil production to 104.2 million tonnes by 2030 through a number of projects.

Kazakhstan's 'BBB' IDRs reflect strong fiscal and external balance sheets that have been resilient to the coronavirus and oil price shocks, and financing flexibility.

Kazakhstan is set to produce 1.589 million bpd in February and 1.605 million bpd in March.

Kazakhstan’s economy first returned to growth in the first half of 2021 after months of contraction.