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OPEC+ agreement won't affect Kazakhstan - official

Oil&Gas Materials 2 July 2019 14:00 (UTC +04:00)

Baku, Azerbaijan, July 2

By Nargiz Sadikhova - Trend:

Extension of OPEC+ agreements will not affect Kazakhstan’s plans on oil extraction in 2019, said Mahambet Dosmukhambetov, First Deputy Minister of Energy of Kazakhstan, Trend reports with reference to Kazakh media.

“Kazakhstan is not planning to revisit volume of oil extraction plans because of OPEC+ agreement extension, as oil extraction in the country is carried out on a routine basis,” he said.

“Taking into consideration all overhauls this year we plan to extract 89 million tons,” he added.

In his words, today the target is not the increase of the oil price, but the prevention of price decrease for manufacturers. “This is why I hope that OPEC will provide us with agreements which will allow to at least keep the price at its current level,” he said.

The OPEC+ agreement on oil extraction volume decrease was approved in 2017. Further fate of the agreement is to be concluded on July 1-2 in Vienna. On Monday, the meeting of OPEC ministers was held. On July 2, the meeting of counties of the agreement is to be held.

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