Current situation in oil market can remain unchanged for long time - K. Massimov
"In December 2015, we had a quite sharp decline of prices for the main export products of Kazakhstan, especially petroleum products and primary materials. The oil price dropped to as low as 26 US dollars per barrel at that time," K. Massimov said.
He noted that the situation forced the authorities to take a decision on reconsideration of the budget for 2016, and the decision was supported. "The most problematic moment has passed. The oil prices are going up to 50 US dollars with slight fluctuations. The prices for the other primary materials also stabilize, but we fear it may not last for a long time. I mean sharp declines or rises are different to what we have now, and this situation can remain unchanged for a long time," K. Massimov stressed.
In this regard, as the Prime Minister noted that on the instruction of the President of Kazakhstan the plan on future development of the economy and state programs was amended.