Baku, Azerbaijan, Dec. 20
By Rashid Shirinov – Trend:
Kazakhstan intends to fully comply with its obligations under the OPEC+ deal, the Energy Ministry of Kazakhstan told Kazakh media, Trend reports.
On December 7, 2018, the 5th OPEC and non-OPEC ministerial meeting was held, which resulted in a decision to limit the level of production of OPEC+ countries for six months starting from January 2019.
"From the very beginning, Kazakhstan expressed readiness to join this decision and the country intends to take all necessary measures to achieve its commitments to reduce oil production by 40,000 barrels per day," the ministry said.
It also noted that in the 4th quarter of 2018 there was a decrease in world oil prices, which, along with geopolitical factors, was influenced by growing uncertainty in the world economy, leading to an overall decrease in the growth rates of oil and oil products consumption.
"In this regard, in order to maintain the balance of the world oil market, the OPEC+ countries agreed on the need to reduce production by 1.2 million barrels per day (800,000 barrels per day for OPEC countries and 400,000 barrels per day for non-OPEC countries)," the ministry said.
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