Kazakhstan backs OPEC’s decision to cut oil output

ASTANA. KAZINFORM Kazakhstan welcomes and backs OPEC and non-OPEC members in their decision to extend oil output cuts agreement to keep suitable market prices, according to a statement of the Kazakh Ministry of Energy, Kazinform reports.  

“On May 25, the participants of the meeting in Vienna agreed to extend the existing agreement as per which daily oil output across the world will be at 1.8mln barrels. The agreement was prolonged for 9 months beginning from H2 of 2017. Kazakhstan intends to continue performing its obligations as per the existing quota of 20,000 barrels per day. In November 2017, the terms of the agreement may be revised with the consideration of the global oil market conjuncture,” the statement reads.

As the Ministry of Energy informed, Kazakhstan fulfills its obligations assumed earlier before the OPEC.

Oil output in the country makes in average 1,673mln per day. In May-June some decline in oil production is expected, but the country hopes to fully perform its commitments.