Middle East Conflict Will Not Lead to Higher Gasoline Prices in Kazakhstan — Minister

Volatility in global oil prices will not lead to a rise in gasoline prices in Kazakhstan, Energy Minister Yerlan Akkenzhenov said, Orda.kz reports.

According to the minister, the oil market remains high.

That is why there are reasons to expect the price to settle at around $80. We are still following reports and seeing attacks on oil infrastructure in Gulf countries. Naturally, this has reduced actual supply on the market, which is why prices are holding at their current level. the minister said on the sidelines of the Mazhilis. 

Akkenzhenov noted that the fluctuations are linked, among other things, to attacks on oil infrastructure in Gulf countries, which have temporarily reduced supply on the market. However, he stressed that fuel prices in Kazakhstan will not rise.

This has already been reflected in gasoline prices in the Gulf countries and in the United States. We can see that from the news. Not in Kazakhstan.Akkenzhenov said. 

According to him, further oil price movements will depend on how the conflict in the Middle East develops.

Original author: Ilya Astakhov

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