Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Kazakh Oil Crisis

ALMATY, Kazakhstan -- Kazakh Prime Minister Nurlan Balgimbayev on Wednesday warned that the country's oil and gas sector is nearing a "very serious" crisis, Interfax reported Wednesday.

Following a drop in oil prices, "the production of Kazakh oil workers has proved to be uncompetitive," he said.

Kazakh Deputy Prime Minister Uraz Djandosov will head a new government commission addressing problems in the country's oil and gas sector, Interfax said.

The energy minister said three oil refineries in Pavlodar, Chimkent and Atyrau are "on the verge of coming to a full stop."