Baku, Azerbaijan, Dec. 5
By Ali Mustafayev – Trend:
Kazakhstan envisaged a plan in case of deviation from the OPEC agreement on reduction of oil output, said the Minister of Energy of Kazakhstan Kanat Bozumbayev on the sidelines of the first Kazakhstan Global Investment Roundtable, devoted to the issues of investments in the economy of the country.
"All the countries, involved in the OPEC agreement, accepted the extension of the agreement until the end of 2018. The countries will keep the oil production at the level provided in the previous agreement. It is difficult for us and the fact that we’ve extended the agreement is a big compromise to preserve the market price of oil," said Bozumbaev.
He added that according to experts, without extension of the OPEC agreement, the price on black gold in the world market would decrease again.
"The price of $62-$63 is good for us, it gives confidence not only to oil companies, but also to investors who invest in oil fields. Therefore, we supported this deal," the minister said.
Bozumbaev also noted that Kazakhstan had discussed the necessary conditions in case of exceeding the prescribed level of oil production.
"We understand that if we have difficulties in implementing the agreement, we can always discuss it with our partners," the minister said.
At the same time, he stressed that the deviation from the agreement will not be considered as a violation of the treaty, since the conditions will be negotiated with the partner countries.