REGNUM.RU – Kazakh government: The Republic has fully complied with OPEC agreements

Sourced and translated from https://regnum.ru/news/economy/2318664.html
‘Правительство Казахстана: Республика полностью соблюдает соглашение с ОПЕК’

 

Countries such as Libya and Nigeria, both OPEC members, are not fulfilling their obligations to reduce oil production, says the Kazakh Minister of Energy

ASTANA: REGNUM reports – The agreement to restrict oil production from the Organization of Petroleum Exporting Countries (OPEC) will be better fulfilled by countries outside the organization, says the Kazakh Minister of Kanat Bozumbayev, as reported by “Kazinform” on the 7th of September.

According to him, countries such as Kazakhstan, Russia and Mexico – countries which are not members of OPEC – are fulfilling an agreement to reduce oil production by more than 90%, in contrast to the countries participating in the organization.

“First of all, this applies to Libya and Nigeria” – said Bozumbayev. He cited data on oil production in Kazakhstan for August 2017. According to this, the Republic produced 37,000 barrels less than the planned production of 1.68 million barrels, which indicates an overfulfilment of Kazakhstan’s obligations to OPEC. Bozumbayev noted that the average oil production in Kazakhstan fully meets OPEC requirements for the restriction of oil production.

Earlier, the OPEC member states and an additional 10 states extended an agreement on the reduction of oil production. Later, Russia and Saudi Arabia prolonged the “OPEC plus” deal to June 2018. However, not all countries are ready to comply with the organization fully the agreements reached.

 

Featured image: “KAZAKHSTAN – MEETING” flickr photo by United Nations Industrial Development Organization https://flickr.com/photos/unido/34741358312 shared under a Creative Commons (BY-ND) license

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