Kazakhstan may revise its obligations under oil cuts deal in November

Kazakhstan may revise its obligations under oil cuts deal in November

Kazakhstan would continue to fulfill its obligations within the framework of the OPEC deal, but it may revise the details of the obligations in November, the Kazakh Energy Ministry said.

"Kazakhstan support the decision by the OPEC and other oil producers to extend the oil cuts accord," the Kazakh Energy Ministry said.

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

Yesterday, the parties to the Vienna deal on oil production cuts agreed to extend the agreement for nine months until April 2018.

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