ASTANA, January 29. The fall in oil prices may have hit bottom, Kazakhstan should learn to live with low cost of “black gold”.
The Ministry of energy of the Russian Federation: oil price of $20 per barrel in the long term will not sustain anybody
This was stated by Kazakh President Nursultan Nazarbayev, speaking at the XVII extraordinary Congress of “Nur Otan”.
“Goes to the end geo-economic supercycle, nothing unusual is happening, – said the head of state. – Facing the South-East, the crisis began in 1997, and in 1998 the world experienced the aftermath of the Asian crisis, if we remember that a barrel of oil in 1998 was worth 8.5 per dollar, then for decades the price of oil was going up and reached $ 120 per barrel”.
Nazarbayev believes that began, “the decade of falling, which may now be coming to the bottom”. “We have six months to live in conditions $30 per barrel, nothing happened, – stated the President. – Need to get used to it, and I think that is a long time”.
“We must learn to live in a new reality, to find opportunities for development, able to overcome the risks and some think that soon oil prices will rise, – concluded Nazarbayev. – We must learn to live in these realities and we have the ability and resources to overcome the crisis”.
From high to collapse: the dynamics of oil prices since 2000