The creation of a single EAEU oil market has been postponed until 2030

A single market for oil and petroleum products within the Eurasian Economic Union (EAEU) will appear no earlier than 2030. This conclusion follows from the draft amendments to the Tax Code of Kazakhstan, which the Ministry of National Economy submitted for discussion, TASS reports.

One of the articles of the document talks about the introduction of an equalization coefficient for the mineral extraction tax (MET), aimed at bringing prices for oil and petroleum products in the EAEU closer together, from 2030. At the same time, the current version indicates 2027.

“However, the launch of the EAEU single market has been postponed until 2030, and there is currently no need to apply a price equalization mechanism,” the explanatory note notes.

In May, at the Eurasian Economic Forum in Astana, the head of the Ministry of Energy, Erlan Akkenzhenov, already hinted at the expected postponement. He explained that Kazakhstan is striving for integration, but not in the format of formally accelerating the launch of common markets, but “in creating sustainable, realistic and mutually beneficial mechanisms.”