Kazakhstan stands for a smooth exit from the agreement with OPEC, increase production within one to two months. This was announced by the Minister of energy of Kazakhstan Kanat Bozumbayev.
Answering the question, does Kazakhstan for a gradual exit from a deal with OPEC in a few months or for a sharp increase in production, Bozumbayev said: “the First option”.
The Minister noted that Astana has not yet determined its position regarding the necessity of extending the agreement. “It’s a question,” he said. In November will be held the next OPEC summit.
In addition, Bozumbayev said that Kazakhstan in the current year exceeded its plan and will produce more than 81 million tons of oil. “The annual plan was 81 million tons, I think that will be more,” he said.
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Recall that at the end of 2016, the 11 OPEC and independent exporters, including Russia and Kazakhstan signed an agreement on the reduction of oil production. Under the agreement, the parties in the first half of 2017 had to withdraw from the oil market of 1.8 million barrels per day (compared to October 2016).
At a meeting in Vienna in may of this year the country extended the agreement until April 2018, keeping the same quota for all participants. The purpose of the agreement is to reduce global oil reserves to the averages for the five years levels.
