Ulyukayev: oil price may drop below 40 dollars

Minister of Economic Development of Russia Alexei Ulyukayev admits the possibility of a drop in oil prices below 40 dollars per barrel, but for a very "short time."

At the same time, responding to a clarification question as to whether such a price could continue for a year or two, the head of the Ministry of Economic Development said: "No-no, for a very short time," Interfax reports.

Commenting on statements by President of Kazakhstan Nursultan Nazarbayev that the price of oil may drop and stay at 30-40 dollars per barrel for several years, Ulyukayev said that he does not agree with this assessment.