Astana Plans To Outperform OPEC-Non-OPEC Oil Cut Deal Obligations In March-May - Minister

Astana Plans to Outperform OPEC-Non-OPEC Oil Cut Deal Obligations in March-May - Minister

BAKU (UrduPoint News / Sputnik - 17th March, 2019) Astana intends to outperform in March-May its oil production cuts under the deal signed by the members of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers, Kazakh Energy Minister Kanat Bozumbayev said on Sunday.

On Sunday, the Azerbaijani capital is hosting the meeting of the Joint Technical Committee of OPEC and non-OPEC experts. On March 18, the 13th Meeting of the Joint Ministerial Monitoring Committee (JMMC) will be held in Baku as well.

"Our obligations are [to produce] minus 40,000 barrels per day ... in March, we will cut by 80,000 barrels. In April, we will have a decrease to lower than 1.820 million barrels per day because of shutdown in the Kashagan oil field. In April and May, we will have low numbers of oil production.

In March, April and May, we will have a strong outperformance of our obligations, perhaps twofold," Bozumbayev told reporters.

The energy minister added that Kazakhstan had been invited to join the JMMC and Astana was ready to do so, but only after the final decision had been made at the OPEC and non-OPEC Ministerial Meeting in Vienna in April.

"We received a proposal [to join JMMC], but this decision can be taken only at the general [OPEC, non-OPEC] conference in April. We said OK, it was not Kazakhstan's initiative, but if the OPEC, non-OPEC countries want us to join, then we will participate," the minister said.

The sixth OPEC and non-OPEC Ministerial Meeting is scheduled to take place in the Austrian capital on April 18.

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