Oil price may change sharply: what Kazakhstan built into its budget

Tengrinews.kz – Kazakhstan’s 2027 budget is based on an oil price of $70 per barrel. First Vice Minister of National Economy Azamat Amrin shared the details.
According to Amrin, when drafting the budget, the Ministry of National Economy relied on a consensus forecast of around $70 per barrel, based on estimates by international financial organizations.

“International financial organizations set the consensus forecast at around $70 on average, so we included $70 in the budget,” the first vice minister explained.

He noted that forecasts from different organizations vary. In particular, JPMorgan expects the price to be around $65 per barrel next year, while the World Bank forecasts $73–74. At the same time, Kazakhstan’s Ministry of Energy uses a lower price in its calculations.
According to the official, the Ministry of National Economy takes into account forecasts from around 18 international financial organizations and uses them to form its own consensus forecast, which is applied when preparing the budget. He also urged against drawing conclusions about future oil prices based on their current level.

“It is too early to say what the price will be. This year alone, the price went from $54 to $123 per barrel. Do you see the gap? Today it is $105, tomorrow it may fall altogether or, perhaps, rise,” Amrin said.

Kurultai deputy Tatyana Savelyeva, for her part, called the oil price level included in the budget objective.
Earlier, we reported that oil prices surged amid the escalation of the conflict in the Middle East. Brent and U.S. Crude prices exceeded $100 amid new attacks on tankers in the Middle East.