Kazakhstan To Cut Oil Output By Up To 40,000 Bpd Under New OPEC-non-OPEC Deal - Minister

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Kazakhstan to Cut Oil Output by Up to 40,000 Bpd Under New OPEC-non-OPEC Deal - Minister

Kazakhstan will reduce oil production under the new OPEC-non-OPEC agreement by 30-40,000 barrels per day, Energy Minister Kanat Bozumbayev told reporters on Friday.

VIENNA (UrduPoint News / Sputnik - 07th December, 2018) Kazakhstan will reduce oil production under the new OPEC-non-OPEC agreement by 30-40,000 barrels per day, Energy Minister Kanat Bozumbayev told reporters on Friday.

"From 30,000 to 40,000," Bozumbayev said in response to a relevant question.

�Participants of the OPEC-non-OPEC oil production cut deal agreed during a meting in Vienna earlier in the day to reduce overall oil production by 1.2 million barrels per day.

"This is a six-month agreement. It's extension is possible if the market will not be balanced. If it is balanced, there will be no reason [to extend the agreement]," the minister added.

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