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Russia Agrees To Oil Output Cuts; Kazakhstan Still In Talks With OPEC

Russian Energy Minister Aleksandr Novak
Russian Energy Minister Aleksandr Novak

Russia's energy minister said Moscow is ready to back curbs in oil production proposed by OPEC, while Kazakhstan's minister said he is still negotiating with the oil cartel.

Russian Energy Minister Aleksandr Novak said on November 16 that he expects a production freeze to be adopted by OPEC and other major producers at a meeting on November 30.

"Reaching such agreements is a positive signal for the market, and non-OPEC countries, including Russia, will participate in making collectively the decision on market actions," Novak told reporters in Moscow. "I think chances are high to reach the agreement."

Kazakhstan's Energy Minister Kanat Bozumbayev told TASS he has been negotiating with OPEC, but he believes the Central Asian energy giant has already cut output enough this year.

"Kazakhstan already slashed its oil output this year, and slashed it quite noticeably. We produced about 80 million tons of crude last year and will produce around 76.5 million tons this year," he said.

Bozumbayev said output at Kazakhstan's largest field, Kashagan, will increase some, despite an overall downturn in production "as we have obligations to international partners who have invested more than $50 billion in it."

Based on reporting by Reuters and TASS

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