admin April 9, 2016

Kazakhstan is still deciding on participation in the oil producers’ Doha meeting on Apr.17.

During that meeting, the world’s major oil producers are expected to work out measures to uphold the oil prices.

Earlier, Kazakhstan was invited to the meeting in Doha. However, the country’s Energy Ministry told Trend that the country hasn’t yet decided on participation in that meeting.

Previously, energy ministers of Russia, Saudi Arabia, Venezuela and Qatar agreed to freeze the oil output at Jan.11 level. Later, a number of other oil producers joined this initiative.

However, Saudi Arabia’s deputy crown prince Mohammad bin Salman Al Saud has said that his country won’t reduce the oil supply to world markets unless Iran follows the suit. Nevertheless, Iran has repeatedly said that it intends to increase the production volume in order to regain its market share which it lost after the sanctions.

Kazakhstan’s Energy Ministry has said that the country plans to reduce the crude production in 2016 for technical reasons. It plans to produce 74 million tons in 2016, compared to 79.46 million tons in 2015.

Source: Trend