Kazakhstan says, to fulfill OPEC+ agreement is difficult

Baku. 5 December. REPORT.AZ/ It will be difficult for Kazakhstan to fulfill its commitment to OPEC+ on reducing oil production. 

Report informs citing the RIA Novosti, Kazakh energy minister Kanat Bozumbayev said. "The OPEC+ agreement will continue at the level agreed before. It will be very difficult for us to do it. Our willingness to extend the deal is the biggest compromise step taken to keep the oil prices stable”, minister said.

He also added:"Of course, we have agreed to extend the deal. However, if we have a difficulty in fulfilling our commitment, we will meet with participants and discuss our situation”.

Oil prices began to decline after the statement of Kazakh official. Brent crude oil has fallen by 0.4% and approached $ 62/barrel level.

Notably, the volume of oil reserves and production in the US will be announced tomorrow. If reserves and oil extraction are observed, oil prices can move up to $ 60/barrel.