Kazakhstan energy minister undecided on attending OPEC meeting

November 29, 2016 2:38 pm

The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) is seen in Vienna, Austria, November 29, 2016. REUTERS/Heinz-Peter Bader

* Says Kazakhstan – like Russia, Azerbaijan and Mexico – waiting for OPEC to agree on deal first

* From September, OPEC trying to limit output to boost prices

* Many countries want exemptions from any output cut deal

* Saudi has already said market will rebalance even without deal

Kazakhstan’s Energy Minister, Kanat Bozumbayev, has not yet decided whether to attend the meeting of OPEC members and other oil producers in Vienna, he told Reuters on Tuesday.

“I don’t know yet, I have booked the tickets but I don’t know whether I’m going or not,” Bozumbayev said before a government meeting.

Deal first

Bozumbayev said Kazakhstan – along with Russia, Azerbaijan and Mexico – was waiting for members of the Organization of the Petroleum Exporting Countries (OPEC) to agree among themselves on proposed output cuts.

OPEC said in September it would limit output in an effort to boost prices, which have languished at less than half of their mid-2014 levels due to a persistent supply glut.

Rocky road

Details of the deal, however, have yet to be agreed upon. Iraq and others, such as Libya and Nigeria, have asked for exemptions, while non-OPEC member Russia and top exporter Saudi Arabia have said markets would rebalance even without a cut.

OPEC experts ended a Monday meeting without agreeing details on how much individual countries would cut in the output reduction plan to be presented to an OPEC ministerial gathering on Nov. 30, an OPEC source has told Reuters.

OPEC has been trying to get Russia and other non-OPEC producers to participate in the plan to reduce output and support the market.

 

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By Reuters
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