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Kazakhstan's exemption of petroleum products export tax in response to the fluctuation of international oil price

China News Agency, Nursultan, April 4 (reporter wenlongjie): Kazakhstan is one of the world's major oil producing countries. Affected by the sharp drop in international oil prices, its oil revenue has declined sharply since the beginning of this year. In order to promote oil export, Kazakhstan government decided to exempt oil products export tax from April.

Kazakhstan's Ministry of trade and integration said Thursday that since April 1, the government will exempt the export tax on petroleum products, and the "zero tariff" policy will continue until the end of this year.

Novel coronavirus pneumonia caused the international oil consumption market to shrink, and the decline in international crude oil prices led to a reduction in oil export profits. At the same time, the domestic epidemic prevention and control measures in Kazakhstan led to a reduction in domestic oil consumption. In order to stabilize exports, the Kazakh government decided not to charge tariffs on the export of petroleum products.

According to the proved oil reserves, Kazakhstan ranks 12th in the world. The oil and gas industry is the main economic pillar of Kazakhstan, with 20% of GDP coming from the oil and gas industry. Kazakhstan's official said that since January this year, countries such as France, Switzerland and Italy have reduced Kazakhstan's oil imports, leading to a decrease of US $863 million in Kazakhstan's oil revenue, according to the Kazakhstan news agency.

Kazakhstan's energy minister norgayev said in mid March that the most serious oil price crisis Kazakhstan experienced occurred in 1998, when the price per barrel was only $8.50. The country has the ability to cope with the current fluctuation of international oil price and will exploit according to the established plan. He revealed that Kazakhstan plans to exploit 90 million tons of oil in 2020, slightly lower than the level of 90.5 million tons in 2019. At present, the average daily production is 1.886 million barrels.

In addition, novel coronavirus pneumonia was released by the reporters. The international oil market will return to normal within 5 to 6 months after the outbreak of the new crown pneumonia. This year, international crude oil prices are expected to stay between $40 and $50 a barrel.