Kazakhstan remains committed to OPEC output cut deal: Energy Minister

ASTANA. KAZINFORM Kazakh Minister of Energy Kanat Bozumbayev assured that Kazakhstan fulfills its obligations under the OPEC oil production cut deal, Kazinform correspondent reports.

"Kazakhstan is committed to its obligations. We keep the production at the appropriate level as we promised to. What we exceed is insignificant, even within Kazakhstan. Last year, we produced an average of 1,720,000 barrels per day. Our obligations were 1,680,000 barrels per day, roughly speaking. About 35-40,000 barrels per day, it is precious little, and within tolerance limits," the energy minister told the reporters after a Government briefing.

He underlined that only those who are "ignorant, lacking understanding, and manipulating figures, may say that Kazakhstan does not fulfill its obligations".

Kanat Bozumbayev also announced the extension of the OPEC+ deal but under relaxed terms.

"Kazakhstan will remain committed to its obligations under the OPEC+ deal, and will continue fulfilling them," the minister added.

Recall that OPEC Member Countries agreed to reduce the total oil production by 1,800,000 barrels per day at the end of 2016. As a result, this stabilized the world oil prices, which had been rapidly declining before.