Baku, Azerbaijan, September 13
By Nargiz Sadikhova - Trend:
Kazakhstan has confirmed its commitment to the agreement on reducing oil production of OPEC+ countries and has confirmed its intentions for further meeting its obligations on oil production decrease, Trend reports with reference to the press office of the Ministry of Energy of Kazakhstan.
This has become known during the 16th meeting of Joint Ministerial Monitoring Committee on the agreement on reducing oil production. Kazakh delegation headed by the Vice Minister of Energy of Kazakhstan Murat Zhurebekov participated in the meeting.
During the meeting, participants have talked joint measures aimed at stabilization of global oil market and expressed satisfaction with current execution of agreement by member countries.
At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017.
The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.
A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020. Kazakhstan’s responsibility within the agreement is to keep the extraction at the level of 1.86 million barrels a day.
During first eight months of 2019 the average daily oil extraction volume in Kazakhstan amounted to 1.8 million barrels a day meaning that Kazakhstan is fully implementing its obligations within the agreement.
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