KazMunayGas proposes contingency plan for sharp drop in oil pricesKazMunayGas (KMG) has developed alternative action plans in case of a sharp drop in oil prices, said KMG Deputy CEO Aset Magauov."KazMunayGas has prepared alternative options in the event of a sharp drop in [oil] prices, including necessary optimizations. We are generally ready for any price fluctuations. Prices fluctuate almost daily. What matters is the long-term trend. Recent forecasts have suggested prices would stabilize around $60 per barrel," Magauov said at a Monday meeting of the government.He added that the oil market remains highly volatile, and any geopolitical shifts or economic factors could lead to significant price swings."About 70% of our oil is sold domestically, where prices are much lower than export prices... As for the remaining 30%, analysts predict prices will stay around $65 per barrel until the end of the year. Overall, we do not see any major risks at the moment," Magauov said.In early April, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said that the Kazakh government was preparing budget optimization scenarios in case oil prices fell to $55 and $50 per barrel.As previously reported, the Kazakh government has three scenarios for the country’s 2025-2027 social and economic development plan based on oil prices: a baseline scenario with the assumed oil price of $75 per barrel, a crisis scenario -- $75 per barrel and a contingency plan in case the oil prices drop to $50-55 per barrel.Kazakhstan’s government budget for 2024-2026 was based on an oil price assumption of $80 per barrel. (ICE ALMATY)

Fonte notizia: INTERFAX