N. Nazarbayev: Demand for oil and gas will not reduce any time soon
"Mr. Nazarbayev, do you think Saudi Arabia is increasing oil production in order to limit American production or to limit Iran's access to those great resources? What will happen to the oil prices in future?" CNN host Fareed Zakaria asked the President of Kazakhstan.
"We talked about it with head of Exxon Mobil Rex Tillerson today. I share his opinion that the current price about 50 US dollars per barrel is today's reality. However, there will be fluctuations. In regard to Saudi Arabia applying pressure on American oil producers, I can say that this is more of a question to oil and gas sphere experts. They often change their opinions and there is no certainty what this is all about. I think all those economists, financial experts and scientists that we were leaning on in terms of our forecasts and estimations are confused themselves. Nobody can say anything clear and certain because of the world crisis that we have now. Nevertheless, the fact is that everybody lost because of the oil price plummeting. Importers and exporters, they both lost. Developed countries lost as well. Everybody lost. The prices that we have now are bad for everybody. However, there's always good in bad. For example, our countries started to pay more attention to the processing industry, industrialization and develop the other spheres," the President said.
"To the point, Saudi Arabia began a program provided for 20 years. After that industrialization program the country plans to give up on the money from oil. This is an exemplary project. This is an example when the biggest oil producer decides to give up on the oil production. I personally think that the demand for oil and gas will not reduce over the next decades. So, we, oil-producing countries have to work without slowing down the pace," the Head of State added.