Following the results, the countries signed the agreement on the approved decrease in amounts of oil extraction. Reducing production for the OPEC countries will constitute about 1.2 million barrels a day that will result in production level of 32.5 million barrels a day.

The countries which are not entering into OPEC will lower oil extraction amounts by 558,000 barrels a day. This agreement came into force and will work until the end of the first half of the year. According to OPEC analysts, today the world demand exceeds the world supply on 1.6 – 1.7 million barrels a day.

Member countries of the agreement will reduce oil extraction proceeding from the level of October, 2016. Kazakhstan takes the November level as the Kashagan field came to the level of commercial production as a basis for decrease this month.

Production in November constituted 1.7 million barrels days. The republic confirmed decrease by 20,000 barrels a day. In subsequent half a year the Republic of Kazakhstan needs to hold average monthly production at the level of 1.68 million barrels a day.

Russia undertook liabilities on production reduction on 300,000 barrels a day, Mexico – 100,000 barrels a day, Azerbaijan - 30,000  barrels a day, Malaysia - 20,000 barrels a day etc, the press service of Ministry of Energy of Kazakhstan reports.

Decrease by 20,000 barrels will be reached due to reducing production on fields Aktyubinsk, Kyzylorda and a number of fields in Mangystausky regions. It should be noted that this reducing will not affect such large projects as the North Caspian Project (Kashagan), Tengriz and Karachaganak.

The article is taken from http://www.bnews.kz/