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Kazakhstan to remain part of global oil pact: president
September 14, 2017 / 2:09 PM / in 2 months

Kazakhstan to remain part of global oil pact: president

ASTANA (Reuters) - Kazakhstan, Central Asia’s largest oil exporter, will support future efforts to prop up the price of crude, President Nursultan Nazarbayev said on Thursday.

FILE PHOTO: Kazakhstan President Nursultan Nazarbayev attends a signing ceremony at the Great Hall of the People in Beijing, China August 31, 2015. REUTERS/Lintao Zhang/Pool/File photo

“The price of $52-55 (per barrel of Brent) satisfies everyone,” he told reporters. “If this position keeps working, we will maintain our solidarity in order to support the price.”

Some of the countries that joined a global pact of OPEC and non-OPEC producers to reduce output have suggested expanding it beyond December 2017 when the deal is set to expire.

On a visit to Kazakhstan last week, Venezuelan oil minister Eulogio Del Pino said global oil inventories remained too high.

Kazakhstan, however, has struggled to comply with the pact so far, as output at its giant Kashagan oil field has surged since its launch last November.

The Astana government has indicated it may have to seek a revision of the country’s quota if the global pact is extended.

Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Vladimir Soldatkin and Mark Potter

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