OPEC+ member countries will limit the oil production level

ASTANA. KAZINFORM – Kanat Bozumbayev, the RoK Minister of Energy, took part in the 5th Meeting of Ministers of the State Parties to the OPEC+ Agreement. This is reported by Kazinform International News Agency with reference to the press office of the ministry. Following the meeting results, the OPEC+ member countries agreed to limit the oil production level for 6 months of 2019, starting from January 2019, in order to maintain the balance of the world oil market and keep the current stock reserves of the OECD countries at an average of five years. The limit constitutes a decrease in total production of the OPEC+ countries by 1.2 million barrels of oil per day (by 800 thousand barrels for OPEC countries, by 400 thousand barrels for Non-OPEC countries), or 2 to 2.5% for each country.