Kazakhstan plans gradual exit from oil output cut deal – TASS

Kazakhstan seeks a gradual exit from an OPEC-led deal on oil production curbs and an increase in output one or two months after its expiry, Kazakh Energy Minister Kanat Bozumbayev told Russia’s TASS news agency Sunday.

The Organization of the Petroleum Exporting Countries and other producers, including Russia and Kazakhstan, agreed to cut output from January this year until the end of March 2018 to reduce bloated global inventories and support weak oil prices.

Bozumbayev was speaking in Istanbul ahead of an energy conference due to start on Monday.

Source: Reuters