Kazakhstan Expects Fair Redistribution of Quotas between OPEC+ Countries

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Kazakhstan supports OPEC`s decision to increase oil production by 1 mln barrels per day as part of the OPEC + deal and hopes for a fair redistribution of quotas among the member countries of the agreement. Minister of Energy of Kazakhstan Kanat Bozumbayev told TASS.

`It should be fair.` he said.

Bozumbayev also added that oil production at Kazakhstan`s Kashagan field will not be increased in 2018 to 370.000 barrels per day. even if a decision is made to increase production within the framework of the OPEC+ agreement. Minister of Energy of Kazakhstan Kanat Bozumbayev told TASS.

`Not this year.` he said.

Earlier. Vice-Minister of Energy of Kazakhstan Magzum Mirzagaliev said that in order to meet the terms of the OPEC+ deal. Kazakhstan should be allowed to produce 100.000 more barrels of oil per day. than the current quota. Therefore. the country is in favor of a possible revision of the OPEC+ quota for oil production.

According to the reports of the International Energy Agency. for several months Kazakhstan has not fulfilled its quota in the agreement to limit oil production (a decline of 20.000 barrels per day against the level of October 2016). Thus. in May Kazakhstan increased its production by 200.000 barrels per day.