Energy Minister: Kazakhstan comfortable with oil at $62-63

ASTANA. KAZINFORM The Minister of Energy of the Republic of Kazakhstan, Kanat Bozumbayev assured that the country has a plan in case of deviation from the OPEC agreement to extend oil output cut, Kazinform correspondent reports.

It should be reminded that earlier on November 30, almost all OPEC and non-OPEC countries agreed to extend the agreement until the end of 2018.

Speaking to journalists on the sidelines of the Kazakhstan Global Investment Roundtable, the Minister noted that it will be difficult for Kazakhstan to stick to the agreement and that the fact that it signed the deal was a huge compromise on its part, adding, however, that in case the country exceeds the pledge it will not be considered a violation of the agreement and further actions in such situation will be discussed with partners

According to Kanat Bozumbayev, Kazakhstan considers the price at $62- $63 to be good as it gives confidence not only to the oil industry but to the investors as well.

Speaking about the production volumes the Minister said that despite all the difficulties, this year it is planned to produce more than 85 million tons of oil compared to 78 million tons last year.

The Energy Ministry is expected to roll out the plan for 2018 in mid-December and according to Mr. Bozumbayev, the growth in production should be significant.