Baku, Azerbaijan, Nov. 27
By Ali Mustafayev – Trend:
Kazakhstan intends to participate in the meeting of OPEC + s, where the member-states will discuss the extension of the deal on reduction oil production until the end of 2018.
“I want to participate in the meeting. Kazakhstan will discuss the extension of the agreement,” said the Energy Minister of Kazakhstan Kanat Bozumbayev, during a press conference in Service of central communications of Kazakhstan, Kazakh media outlets reported.
The agreement between the oil-exporting countries on reduction of oil output formally operates until the end of March 2018.
According to the agreement, OPEC countries should reduce oil production by 1.2 million barrels per day, and countries outside OPEC pledged to reduce production by 558,000 barrels. The Kazakh authorities, in turn, pledged to reduce oil production by 20,000 barrels per day.
Kazakhstan, has agreed to lower down the oil output of its two biggest oil fields Tengiz and Karachaganak, each of which has oil reserves of more than one billion tons. This step was taken to maintain the overall balance of oil output against the backdrop of increasing production at Kashagan field.