BAKU, Azerbaijan, Nov. 2
Trend:
The Ministry of Energy of the Republic of Kazakhstan has outlined the positive trends in the recovery of the world economy, the growing demand for energy resources, Trend reports with reference to the ministry.
The decrease in oil reserves to the average five-year level and stabilization of the oil market was achieved thanks to a balance of supply and demand.
Kazakhstan supports the position of the countries involved in the agreement to continue to gradually increase oil production in accordance with the earlier made decisions.
This approach will fully meet the growing needs and ensure the stability of the oil market.
The decision on the monthly increase in oil production by 400,000 barrels per day was made at the OPEC and non-OPEC Ministerial Meeting on July 18, 2021.
The next OPEC and non-OPEC Ministerial Meeting are scheduled for November 4, 2021.