Doha meeting didn't bring result Kazakhstan had hoped for - Zhaksylykov

"We are all concerned about oil prices and what impact they are going to have on the development of our country. The future of oilfield service companies is up in the air. We've gathered today in order to find answers to these questions. The Doha meeting didn't bring the results we had hoped for. Iran refused to cut output," stressed Mr. Zhaksylykov adding that Iran plans to increase production up to 4 million barrels until the end of 2016.
In his words, it is hoped that negotiations might resume within a month and major petroleum producers will be able to stabilize oil prices further.

"This year Kazakhstan has already cut oil output and is planning to export only 74 million tons, compared to 80 million tons in 2015. This is a big loss. We cannot cut oil output further, as it will have negative impact on the development of Kazakhstani industrial sector, implementation of social programs and development of the regions," Mr. Zhaksylykov added.