Nazarbayev says crude oil prices may fall as low as $30-$40 per barrel / Photo from UNIAN
President of Kazakhstan Nursultan Nazarbayev has called on his country to get prepared for prices of crude oil at $30-$40 per barrel, Russian news agency RBC reported with reference to the Kazakh president's press service.
In his words, prices of crude oil and metals may remain low in the next five years.
"At a meeting on systematic measures of economic policy, Nazarbayev announced the need for being adapted to prices of crude oil between $30 and $40 per barrel. Nazarbayev also said that developing nations' access to investment and capital would be limited in coming years. He also acknowledged that the market of sales of Kazakh-produced commodities had been shrinking due to low demand by Russia and China," the press service said.
In addition, the Kazakh president said that a moratorium needed to be introduced "on various initiatives until 2018" due to the current economic situation.
Until then, he instructed his government to lower the deficit of the country's budget to 1%.