Kazakhstan ready for talks on extending oil output cuts

Kazakhstan ready for talks on extending oil output cuts

Kazakhstan is ready to hold talks with OPEC on extending global oil output cuts into the second half of this year, Kazakh Oil Minister Kanat Bozumbayev said.

He noted Kazakhstan aimed to cut crude output further in May and June. "It is crucial for us that oil should not stay below $50 (per barrel), because our budget is based on a price of $50. So we will continue holding talks on extending this agreement," Reuters cited Bozumbayev as saying.

Bozumbayev said the higher production had been largely due to a rise in output at the start of this year, and the Central Asian nation in April had probably met its obligations to reduce production under the deal with OPEC.

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