Ministry: Kazakhstan vows to slash oil production

"As per the Agreement, OPEC countries will cut oil production from October 2016 level. As for Kazakhstan, it will slash the output from the November level. In November, Kazakhstan produced 1,7 million barrels per day thanks to the launch of the Kashagan oilfield. So, Kazakhstan agreed to cut the oil production by 20,000 barrels from the November level. In next six months Kazakhstan needs to maintain the average monthly output at the level of 1,68 million barrels per day," the ministry's statement said.

According to the ministry, Russia agreed to cut the output by 300,000 barrels per day, Mexico - by 100,000 barrels per day, Azerbaijan - by 30,000 barrels per day, Malaysia - by 20,000 barrels per day and so on.

"In order to cut the output by 20,000 barrels per day, we will slash oil production at oilfields in Aktobe, Kyzylorda and Mangistau regions. Oil output cut won't affect such big fields as Kashagan, Tengiz and Karachaganak," the ministry explained.

Earlier it was reported that OPEC countries agreed to reduce production by 1,2 million barrels a day to the level of 32,5 million barrels starting from January 2017 at the meeting in Vienna. Non-OPEC countries are to cut output by more than 550,000 barrels a day.