December 22, 2014 / 12:30 PM / 3 years ago

Kazakhstan says prepared for oil as low as $40 per barrel

ASTANA, Dec 22 (Reuters) - Kazakhstan, the second largest ex-Soviet oil producer after Russia, has plans in place should global oil prices fall as low as $40 per barrel, President Nursultan Nazarbayev told local TV channels.

“Kazakh people should not be worried. We have a plan if oil price are $70, $60, $50, $40 per barrel,” he said, according to a transcript published on his website www.akorda.kz.

“There are reserves which could support people, preventing living conditions from worsening,” he said, without providing any details.

Kazakhstan’s National Fund, which collects oil revenues, stood at $76.8 billion at the end of November. Separately, the central bank’s net gold and foreign exchange reserves stood at $27.9 billion.

Nazarbayev has also urged the Kazakh people not to worry about the slide in Russia’s rouble currency, which has lost some 45 percent of its value versus the dollar this year.

Reporting by Raushan Nurshayeva; writing by Katya Golubkova; Editing by Lidia Kelly and Jason Neely

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