BAKU, Azerbaijan, Dec.7
By Nargiz Sadikhova – Trend:
Kazakhstan has supported the decision to reduce oil extraction by additional 500,000 barrels a day within the framework of OPEC+ agreement, Trend reports with reference to the press office of Kazakhstan’s Ministry of Energy.
The decision was made during the 7th OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria, on December 6, 2019.
“Kazakhstan has supported this decision taking the responsibility to additionally decrease volume of oil extraction by 17,000 barrels a day. Thus, current liabilities of Kazakhstan within the existing agreement approved in December 2018 are 1.843 million barrels a day,” the report said.
On September 12, 2019 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 cuts during the 16th meeting of Joint Ministerial Monitoring Committee.
Previously, Kazakhstan’s responsibility within the agreement was to keep the extraction at the level of 1.86 million barrels a day.
Kazakhstan is actively cooperating with OPEC + countries and adheres to the policy of stabilizing the global oil market.
Kazakhstan has overfullfiled its responsibility for oil output cuts during 11 months of 2019, having decreased oil production by 56,000 barrels a day than the required level.
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