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.
Oil may fall to $20 barrel in first half of 2016 - Kazakh PM
25 January 2016
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Kazakh Prime Minister Karim Massimov said i an "era of cheap oil" may last for five to seven years, Bloomberg reported.
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