The Research On The Impact Of International Oil Price Falling On Kazakhstan's Oil Industry

Oil is one of the world's most important energy and raw materials,and non-renewable and exhaustible resources.The oil industry occupies a very important position in the national economy of Kazakhstan.Kazakhstan's oil industry has a history of 100 years and possesses the basic formation of the exploration,development,storage and transportation,refining,and marketing,complete industry chain upstream and downstream.Since independence,Kazakhstan oil industry development,promote the domestic economic and social development of Kazakhstan,improved the Kazakhstan's international standing.The oil industry has become the economic backbone of Kazakhstan at the time of the Soviet Union.Then the petroleum industry got a further improve and gradually became the foundation of the national economy.In 2015,Kazakhstan oil production is 65.8 million tons.Since 2000,the economic reliance on oil export earnings continuing to increase.In 2012,Kazakhstan oil accounted for 51% of all revenues.Since late June 2014,the international crude oil prices experienced a sharp decline,Brent crude oil futures closed at $61.85 a barrel,from June 19,fell $53.21.WTI crude oil futures closed at $57.81 a barrel.The international oil prices fall modestly in February 2015.Facing such a great fall in world oil prices,Kazakhstan's oil industry have to make some changes.Therefore,the study of influence on the Kazakhstan oil industry is very significant.Kazakhstan oil industry should cope with the international oil price fluctuations actively and enhance their ability to resist risks at the same time.