Announcement in TV address
Kazakhstan President Nursultan Nazarbayev says he has decided to leave the position, in a TV address.
He is among the world's most long-serving leaders. He's held the position since the USSR's dissolution in 1990. He was elected as the first President but he country's elections have been widely criticized with the government coming to resemble a clan system. His share of the vote in 2015 was 97.75%.
In February he ordered the government to resign because of a failure to improve living standards. Maybe the guy who has been in charge for almost 30 years should take some of the responsibility for that.
In terms of markets, any turmoil in the country could be a risk for oil. The country produces about 1.8 million barrels per day.
