Kazakhstan has raised its oil-price assumption for the draft republican budget for 2027-2029 to $70 per barrel from $60 per barrel in the current budget, Qazinform News Agency reports. The figure was announced by First Deputy Minister of National Economy Azamat Amrin during a presentation of the draft law “On the Republican Budget for 2027-2029.” According to Amrin, international organizations and global investment banks have lowered their forecasts for oil prices in 2027.
The consensus forecast has been lowered to $70.3 per barrel. Taking this into account, the baseline scenario assumes an oil price of $70 per barrel, he said. Earlier, Qazinform reported oil prices had moved lower in early trading Thursday, following losses recorded in the previous session amid ongoing pressure on crude markets.