Kazakhstan supports extending OPEC deal in 2019

Vice Minister of Energy Mirzagaliyev affirmed Kazakhstan’s support for extending OPEC+ output cuts in 2019.
Kazakhstan supports extending OPEC deal in 2019
16 November 10:16 2018 Print This Article

OPEC and non-OPEC countries agreed in November 2016 in Vienna to cut oil production by 1.8 million barrels per day, corresponding to roughly two percent of global oil production. The move was meant to ease a global supply glut and push up oil prices that dropped below $30 in early 2016. The drop came as China experienced an economic slowdown and the United States increased oil output as a shale oil producer.

Though the deal came into force in January 2017 over an initial six-month period, the countries, are close to entering the third year with no definite end in sight.

Magzum Mirzagaliyev said in case countries agreed to cut production, Kazakhstan stands for taking October-November levels.

The monitoring ministerial committee is considering several options.

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