Regulation of the Oil Industry: The Case of Kazakhstan

Abstract

The paper observes the recent trends in the regulation of the oil industry both globally and in Kazakhstan. It covers the evolution of state intervention in the world by giving the distinguishing features of two main regulatory models; current issues of the mineral resource market (such as the peak oil, resource curse and oil price volatility) and possible development policies; and lastly it provides an overview of the state regulation in the oil sector, based on the example of Kazakhstan’s economy, including the existing legislation, policies, and current problems.