Kazakhstan supports negotiations on extending the agreement with OPEC to reduce oil production

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Source: http://abctv.kz/ru/news/odnim-afganistanom-syt-ne-budesh

The country's energy minister Kanat Bozumbayev said that Kazakhstan wants to be in a trend along with all oil-producing countries

The Ministry of Energy of Kazakhstan intends to participate in the negotiations on the possibility of extending the agreement with OPEC to reduce oil production. This was announced at a press conference by Kazakhstan's energy minister Kanat Bozumbaev.

We say that we want to be in a trend together with all the oil-producing countries. For us it is important that the price of oil does not decrease less than 50 USD (per barrel) - the budget is based on the price of Brent oil at 50 USD. Therefore, we will hold talks on the possibility of extending this agreement", - said Bozumbayev, responding to a question about whether Kazakhstan will extend the agreement with OPEC to reduce oil production.

At the same time, the minister stressed that it would be difficult to remain technically at the same level for us, because the Kashagan field, which we launched last year, actually shifts to a more or less high volume of production this year.

Today, 140-150 thousand barrels (per day) are produced at this field and we think that in the second half of the year, 200 thousand barrels will be accurately extracted, and by the end of the year, perhaps 300 thousand barrels. Therefore, we will discuss (quota) with our colleagues", - said Bozumbaev.

According to the head of the Ministry of Energy of Kazakhstan, there is a decrease in oil production at mature fields in Aktyubinsk and Kyzylorda regions. This generally gives a reduction of about 30,000 barrels daily. We will level it out through some increase at Kashagan", - he said.

We will have to discuss with our colleagues, because Kashagan is a PSA, and the Republic of Kazakhstan invested huge amounts of money in KazMunaiGaz and other shareholders. I think it's legally wrong to fix any obstacles to them, and it's physically impossible. Therefore, we will discuss, if we count Kashagan separately, then we can talk about some figures, - concluded Bozumbaev.