The world oil price will stay low till 2020, the experts project

Almaty. May 25. Silkroadnews – Global oil prices will stay low till 2020, the chief economist and managing director at “The Economist Intelligence Unit” Simon Baptiste says, KazTAG reports.

“Currently the oil price is an important factor for Kazakhstan. Price declined from $100, the level we got used to, and now stands at around 40-50 dollars per barrel. Here, in “The Economist Group”, we expect the oil price to remain relatively weak till 2020, then, it is possible, it could grow a bit in the coming year but not to 100 dollars per barrel we used to,” Mr. Baptiste said at the Kazakhstani investment summit within the framework of the IX Astana economic forum in Astana on Wednesday.

“This means the countries that depend on oil and related industries can expect lower return on investments and this factor shall be taken into account when forming the strategy. Kazakhstan experiences currency volatility that leads to economic shifts. Inflation is too high at the moment, there is an outflow of capital in the banking sector. Nevertheless, Kazakhstan has great potential resources, a lot of oil and mineral resources,” he explained.