05:53 GMT +317 January 2017
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    Workers carry out maintenance at an oil well on oil fields operated by a subsidiary of the KazMunayGas Exploration Production JSC in Kyzylorda region, southern Kazakhstan.

    Kazakhstan Meets OPEC Obligation by Taking 20,000Bpd Off Oil Market

    © REUTERS/ Shamil Zhumatov
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    Production in oil-rich Kazakhstan has fallen by 20,000 barrels per day (bpd) since the start of 2017 as part of a multinational deal to cut oil output to shore up global prices, the Kazakh Energy Ministry said Tuesday.

    ASTANA (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) agreed with non-member states last month to reduce its oil output by 1.2 million barrels a day in exchange for 600,000 barrels that would be taken off the global market in countries outside the OPEC, including Kazakhstan.

    "Kazakhstan is delivering on its commitment to the OPEC… Since the start of January the country has already cut oil production by 20,000 barrels a day, as agreed at the oil cartel’s meeting," the ministry confirmed to RIA Novosti.

    Kazakhstan agreed to cut its oil output by 20,000 barrels a day, although Kazakh Energy Minister Kanat Bozumbayev called the move symbolic as it would not affect big oil fields. The nation launched a Kashagan oil field last October, one of the world's largest. Its recoverable reserves are estimated at 9-13 billion barrels of oil.

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    oil output cuts, OPEC, Kazakhstan
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