Kazakhstan will continue to consult with OPEC on crude production control

Almaty. November 17. Silkroadnews – Kazakhstan will continue to consult with the Organization of Petroleum Exporting Countries (OPEC) on crude production control and hopes the consensus between OPEC and non-OPEC states to be reached in Vienna at the end of November, TASS reports.

“We continue our work (consultation – Silkroadnews) and encourage the crude production control. Kazakhstan has already restricted its crude output this year, that is, reduced production volume significantly, last year we produced about 80 million tonnes, this year the output is expected to stand at around 76.5 million tonnes”, Minister of Energy of the Republic of Kazakhstan Kanat Bozumbayev said.

According to him, in 2017 the Kashagan field production will provide Kazakhstan with additional 150-180 thousand barrels of oil.

“We will not stop the Kashagan, as there are certain commitments to the international investors that has invested more than $50 billion in this field. Thus, this field output is to grow, but not that rapidly”, the minister has noted.

Earlier it was reported that OPEC has invited 12 non-OPEC states (Russia, Azerbaijan, Kazakhstan, Oman, Egypt, Bahrain, Colombia, Mexico, Trinidad and Tobago, Bolivia, Norway and Canada) to take part in the technical discussions to be held in Vienna on October 29.  

The final agreement on measures on crude production stabilization by OPEC members and non-OPEC states  is planned to be taken in the course of formal meeting in Vienna on November 30.

Currently, OPEC includes 14 countries: Algeria, Angola, Venezuela, Gabon (reinstated its membership in July 2016), Iraq, Iran, Indonesia, Qatar, Kuwait, Libya, Nigeria, United Arab Emirates, Saudi Arabia and Ecuador.