Kazakhstan’s economy ministry expects inflation to accelerate to 12.0% YoY next year, from 8.9% currently, because of the implementation of VAT reform. Economic growth is also expected to be negatively affected. Further, the CEO of the country’s national oil and gas company KazMunayGaz says it intends to increase its stake in a US-led joint oil venture, Tengizchevroil. Khasenov also said that in his “personal opinion”, Kazakhstan does not have to honor its commitments under the OPEC+ oil output agreement, since the country is not a member of OPEC, and the deal was only a “gesture of goodwill”.