Kazakhstan to continue fulfilling its obligations to OPEC

ASTANA. KAZINFORM Kazakhstan will continue fulfilling its obligations to OPEC in regards to the oil production level cuts, said Minister of Energy Kanat Bozumbayev at a briefing in Astana.

Bozumbayev reminded of the OPEC and non-OPEC ministerial meeting held December 7 for discussing oil production cuts.

He said the OPEC and non-OPEC countries are supposed to cut daily output in 2019 up to 1,2mn barrels.

"Meanwhile, OPEC countries will cut oil production by 800,000bpd and non-OPEC states - by 400,000bpd," he added.

He emphasized that Kazakhstan will strictly commit to its obligations in 2019, i.e. the country will cut its oil production by 40,000bpd.

"We expect that oil production in March, April and May 2019 will be much lower than the indicators set which can be explained by some factors such as shutdown of the country's largest deposits - Tengiz, Karachaganak and Kashagan - for overhaul. We also expect output decline at mature deposits of Kyzylorda and Aktobe regions. For this reason, we hope that we will fulfill our obligations to the OPEC," said Bozumbayev.