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Kazakhstan prefers soft exit from deal with OPEC - energy minister

July 09, 20:44 UTC+3

According to Energy Minister Kanat Bozumbayev, Kazakhstan has not yet made a final decision on its position about prolongation of the agreement

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ISTANBUL, July 9. /TASS/. Kazakhstan stands for a soft exit from the deal with OPEC followed by a smooth production increase within a couple of months, Kazakhstan’s Energy Minister Kanat Bozumbayev told TASS on Sunday.

"The first option," he said when asked what would be more preferable for his country either a soft exit from the deal during several months or a sharp production hike.

According to the minister, Kazakhstan has not yet made a final decision on its position about prolongation of the agreement. "It’s a matter of November," he said. Another OPEC summit will be held in November.

In late 2016, OPEC and 11 independent oil exporting countries, including Russia, reached an agreement on reduction of oil production. Under the deal, oil production is to be reduced by 1.8 million barrels a day.

In May 2017, the agreement was extended till April 2018, with the quotas for the countries staying in place.

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