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Kazakhstan plans to participate in OPEC meeting on October 29

October 27, 2016, 14:12 UTC+3 ASTANA

The country also plans to take part in the official meeting of OPEC member-states in late November

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ASTANA, October 27. /TASS/. Kazakhstan plans to participate in the technical meeting of OPEC's national representatives on October 29 in Vienna, the country’s energy minister Kanat Bozumbayev said Thursday.

"We’ve received an invitation from OPEC through the Foreign Affairs Ministry, and we plan to participate in Vienna’s meeting on the technical level," he said, adding that Kazakhstan would be represented by a ministry’s official at the meeting.

According to Bozumbayev, the country also plans to take part in the official meeting of OPEC member-states in end-November. "In end-November there will be an OPEC (meeting - TASS) and we’ll participate at the sectoral level. No one has been invited there yet. The issue is being discussed in Vienna, and the decision will be taken by the end of November," he said.

The Energy Minister added that Kazakhstan is "in talks with Russian colleagues, Saudi Arabia and others on stabilization of the oil sector." "Kazakhstan’s economy is sensitive to crude prices, that’s why we bolster this process," he added.

On September 29, OPEC member-nations agreed to cut supply to between 32.5 and 33 mln barrels per day at the informal meeting within the International Energy Forum in Algiers. Earlier Iran’s Minister of Petroleum Bijan Namdar-Zanganeh said that OPEC would establish a coordinating committee, which will submit the final proposal on crude production cap in November. Also, individual quotas will be defined for countries.

OPEC Secretary General Mohammad Barkindo told TASS earlier that the first meeting of the OPEC committee on implementation of the decisions made in Algiers, would be held on October 28-29 in Vienna. He noted that Russia and other countries - non-members of OPEC would participate in the committee meeting, adding that Russia’s Energy Minister Alexander Novak would also join the meeting.

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