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Kazakh Premier says â€˜cheapâ€™ oil era may last five to seven years

Kazakh Premier says â€˜cheapâ€™ oil era may last five to seven years

25 January 2016 08:42 (UTC +04:00)

Oil may fall to $20 a barrel in the first half of 2016 before recovering to $30-$40 in the second half of the year, Massimov said Friday in an interview at the World Economic Forum in Davos, Switzerland. The budget, now based on oil at $40, will “most likely” be revised to reflect an average of $30 and it could withstand crude prices declining to $16, he said.

“In principle, the budget can balance at $16 a barrel, though of course some programs would have to be adjusted,” he said.

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