Kazakhstan expects oil prices to soar after December 10

"Kazakhstan supports efforts of oil-producing countries on production cut in the first six months. Crude prices soared as much as 17% after the OPEC member states made the decision to cut production earlier this year. If the decision is made at the meeting with non-OPEC oil producers on December 10, we expect that oil prices will grow further. Kazakhstan and local oil producing companies will benefit from it," Minister Bozumbayev said during the plenary session of the Senate of the Republic of Kazakhstan on Friday.

The minister also noted that Kazakhstan has no problem delivering commitment to oil production cut since its oil output reached historical maximum in November 2016.

Earlier it was reported that Vienna will host the OPEC member and non-member countries meeting on December 10.