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Wednesday, December 8th, 2021

Kazakhstan expecting oil prices surges after OPEC meeting in Vienna

by December 9, 2016 Health

Oil price is expected to surge after the meeting in Vienna on December 10,

Minister of Energy Kanat Bozumbayev informs at the Senate Plenary Session on oil price surge expected after OPEC meeting in Vienna: Kazakhstan supports the efforts of countries engaged in oil production that are aimed at limiting and freezing production for the first six months. OPECs decision to limit oil output at 3-4% for the first half-year led to the 17%-rise in oil price. Now, if non-OPEC countries make the same decision at the meeting of December 10, there will be expected a further rise in oil prices, which will favorably affect both Kazakhstans in general and oil companies revenues.

The Minister also notes that limited oil output will not create challenges for Kazakhstan, as the limit is set at the level of one of the months with high enough production. Historical maximum of Kazakhstans oil production falls on November.

December 10, Vienna hosts a meeting of non-OPEC countries.

Source: Government of the Republic of Kazakhstan