Kazakhstan’s Energy Minister sees $70–75 oil price range as sustainable for global markets

Kazakhstan's Energy Minister Erlan Akkenzhenov stated that oil prices above $70–75 per barrel would likely be considered acceptable globally. The official dismissed criticism over the country’s exceeding production quotas set by OPEC+, citing the nation’s relatively modest energy output, Reuters reports.

According to the news agency, some members of the alliance have complained about Kazakhstan's oil overproduction. Reuters-quoted experts also cited the country's excessive crude output as one of the reasons behind OPEC+'s decision to increase production.

Akkenzhenov believes that the US President Donald Trump’s trade policy is the key factor of volatility in the global energy markets.

As Reuters reports, Kazakhstan's average crude oil production (excluding gas condensate) reached 1.86 million barrels per day (bpd) between May 1 and 19, including 932,000 bpd from the Tengiz field.