Kazakhstan to Continue Adhering to Obligations Under Oil Cuts Agreement

Kazakh authorities support the decision by the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers to extend the oil cuts accord and would continue to fulfill its obligations within the framework of the deal, the Kazakh Energy Ministry said Friday.

ASTANA (Sputnik) — On Thursday, the parties to the Vienna deal on oil production cuts agreed to extend the agreement for nine months until April 2018.

"Kazakhstan is planning to continue adhering to its obligations under the existing quota on production reduction at the level of 20,000 barrels per day. At the same time it is possible to revise the details of the obligations taking into consideration the situation on the global oil market," the ministry said in a statement.

The statement added that Astana would meet its obligations and would reduce its output in May and in June.

In late November last year, OPEC member states signed an agreement in Vienna on limiting oil production by 1.2 million barrels per day. On December 10, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day with Russia cutting the output by 300,000 barrels per day for six months from January 2017.