Baku, Azerbaijan, March 2
By Elena Kosolapova - Trend:
Kazakhstan over fulfilled its obligations to cut oil output within the deal with other oil producer countries reached in Dec. 2016, Sputnik Kazakhstan news agency quoted Kazakh Energy Minister Kanat Bozumbayev as saying.
Within the deal with OPEC and non-OPEC oil producers Kazakhstan has committed to cut oil output by 20,000 barrels per day from November 2016 level since Jan. 1 2017.
"In January, I can say that we have fulfilled and exceeded our obligations… The oil output was reduced by over 30,000 barrels," Bozumbayev said.
The minister went on to add that it is expected that February output was on the agreed level as well. However, if it was a little exceeded, oil production cut in January will cover this surplus, he said.
In December 2016 OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.
Non-oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 bpd starting from Jan. 1, 2017 for six months, extendable for another six months, to take into account prevailing market conditions and prospects.
OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 bpd.
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