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Massimov warns of oil price downturn

20 april 2011, 16:21
Karim Massimov. Photo courtesy of government.kz
Karim Massimov. Photo courtesy of government.kz
Kazakhstan Prime-Minister Karim Massimov warned his ministers of a high probability of the global oil price downturn, Tengrinews.kz reports.

“Oil prices should be watched closely. Pre-conditions are thickening, a landslide may be nearing; there are a lot of signals. Remember, back in the fall of 2009 all the prices just U-turned into a nose dive,” he said on April 20 at the government sitting on food prices.

Karim Massimov instructed Minister of Agriculture and Minister of Economic Development and Trade to review several of the risk management models used in Kazakhstan.

“Risks should be calculated very thoroughly. It is essential to educate agricultural producers on risk management to make sure they understand it as well. Oil price is currently at $120 prompting up fuel and grain. What if oil goes down to $30, how much would grain cost then? There is a direct correlation. How would our patterns operate then?” Prime-Minister said addressing Agricultural Minister Mamytbekov and Economic Minister Kelimbetov.

By Assel Satayeva

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