Caspian states concerned by low oil prices

EPA/ROBERT GHEMENT

Oil pumps in Baku, Azerbaijan, June 28, 2015. Some experts believe that the current situation with the low oil prices could prove good for Russia, Kazakhstan and Azerbaijan, signaling the need to modernise their economies and to implement the latest technologies.

In 2016, only Azerbaijan and Kazakhstan will reduce their oil production volumes


ASTANA - Out of the five littoral states, only Azerbaijan and Kazakhstan will cut oil production this year.

According to experts, in spite of the falling oil prices, the oil production situation in the five Caspian states does not cause a lot of concern. But their dependence on the oil revenues will adversely affect their economies.

Today, all the oil-producing countries are behaving as if in a cycling race, waiting for another to make a mistake to take them over, said Konstantin Simonov, ...


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