Kazakhstan will review its obligations to OPEC

Baku. 26 May. REPORT.AZ/ Kazakhstan will continue to fulfill its obligations to OPEC on oil production cut, while the country will also revise terms for obligations in November.

Report informs citing Interfax, Kazakhstan Ministry of Energy has stated.

Kazakhstan intends to continue to fulfill its obligations under the current quota to reduce production at level of 20,000 barrels per day. At the same time, in November 2017, it is possible to review the terms of obligations taking into account the conjuncture in world oil market, statement says.

At the same time, Kazakhstan will not take a decision unilaterally, but will discuss terms of the agreement collegially with other oil-producing countries.

The oil production in Kazakhstan averages 1.673 mln barrels per day. Notably, on May 15, Kazakhstan's energy minister Kanat Bozumbayev said that Kashagan field was put into operation in 2016 and the field starts main production this year. "The country is not ready to extend the agreement with OPEC on the previous terms. We will hold talks with OPEC and non-member countries about what role will Kazakhstan play by joining this agreement. We will discuss in the summit to what extent we will join", minister explained.