OPEC+ initially agrees with output increase in Kazakhstan

Baku. 31 May. REPORT.AZ/ Due to the increase in production at "Kashagan" oil field, Kazakhstan may change its obligation regarding Vienna agreement on output cut.

Report informs citing RIA Novosti, Minister of Energy of the Republic of Kazakhstan Kanat Bozumbayev said in an interview with "Astana" TV channel.

"During Vienna meeting first of all i informed energy ministers of Saudi Arabia and Russia about increase in production in Kashagan field since September. They have agreed with our will to change the terms of the commitment when production increases. We were offered more comfortable conditions", K. Bozumbayev added.

Notably, Kazakhstan is currently responsible to cut production by 20,000 barrels /day.

Kazakhstan's new quota will be reviewed during 3rd ministerial meeting of the Vienna agreement and OPEC’s 173^rd Summit. Notably, production in "Kashagan" field expected to raise from 8.9 mln tons this year up to 13 mln tons in 2018. That means, Kazakhstan will produce 80,000 barrels more oil per day since 2018.