On December 7, 2018 the delegation of the Republic of Kazakhstan headed by the Minister of Energy Kanat Bozumbayev participated in the 5th OPEC and Non-OPEC Producing Countries’ Ministerial Meeting.
During the meeting, the participants discussed joint measures aimed at stabilizing oil production in the global oil market in 2019 by 1.2 million barrels/day, which ensures a 2.5% reduction in production for each of the OPEC member countries and by 2% for Non-OPEC countries, including Kazakhstan.
Along with OPEC countries and Kazakhstan the 5th Ministerial meeting has been attended by Azerbaijan, Algiers, Angola, Bahrain, Brunei, Ecuador, Egypt, Gabon, Malaysia, Mexico, Oman, Russia, South Africa, South Sudan and Sudan.
Together the OPEC and Non-OPEC countries have managed to make their contribution into stabilizing the global oil market and restoring the confidence of investors in the oil industry. The preservation of sustainable global oil market corresponds to the interests of the Republic of Kazakhstan, as oil sector plays a significant role in its economy.
Permanent Mission of the Republic of Kazakhstan in Vienna