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Kazakh Energy Minister participates in OPEC+ Monitoring Committee meeting

18 March 2019 20:43

BAKU. KAZINFORM The OPEC+ Joint Monitoring Committee held its 13th meeting in Baku. Minister of Energy Kanat Bozumbayev headed Kazakhstani delegation, Kazinform correspondent reports.

Ministers and high-level representatives of Algeria, the UAE, Kuwait, Iraq, Libya, Nigeria, Congo, Russia, Kazakhstan, Bahrain and Brunei are participating in the meeting.

"Kazakhstan is not a member of the OPEC+ Monitoring Committee. However, Saudi Arabia and Russia invited us to join it. In December 2018, it was decided that the OPEC member states would cut oil output by 1.2 million barrels per day to balance supply and demand which in turn led to oil price increase. Presently, its price is $60-70. This, in turn, reduced volatility and oil stocks in OECD countries, approximately by 2.5fold. Kazakhstan undertook a commitment to reduce daily production by 40 thousand barrels. In November 2018, Kazakhstan produced 1.9 million barrels per day," said the Minister.

"There are more than 270 subsurface users in Kazakhstan. It is impossible to make all of them move with the times. We should respect their commitments as well, since they invest funds," he added.

He noted that Kazakhstan is becoming an authoritative player in the market with 1.9 million barrels daily oil output.

The two-day meeting of the OPEC+ Monitoring Committee has been discussing the current state of oil market, existing problems and other important issues.