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Energy

Kazakhstan drafts macro outlook based on $35 Brent

ASTANA, Sept 15 (Reuters) - Kazakhstan’s economy ministry has based its medium-term economic outlook on a Brent crude price of $35 per barrel, it said on Thursday, implying reduced earnings from oil and gas exports and putting pressure on the tenge exchange rate.

The tenge would average 360 per dollar in 2017-2019 under such a scenario, the ministry said in a presentation, compared with a prevailing rate of 338.86 per dollar. Based on the crude price assumption, oil output would increase to 79.5 million tonnes next year from 75.5 million tonnes expected this year. (Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Simon Cameron-Moore)

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