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Tengrinews.kz - Kazakhstan’s Energy Minister, Almassadam Satkaliyev, was asked how U.S. President Donald Trump’s statement on lowering oil prices might affect Kazakhstan.
"How will Trump's statement about lowering oil prices and the U.S. decision to tap into its reserves affect our extractive industries? Will this impact us in any way? We have a specific price set in the budget," journalists asked during a government briefing.
Satkaliyev confirmed that a sharp increase in global oil supply would lead to lower prices in Kazakhstan.
"The market is highly competitive, and the government will take appropriate measures. The Ministry of Economy is developing scenarios in case of a price drop," he stated.
When asked about the critical price threshold for Kazakhstan, Satkaliyev noted that the country considers oil prices between $60 and $80 per barrel acceptable.
Earlier, Almassadam Satkaliyev announced the timeline for fuel and gas price hikes.
