Oil production cut at Kashagan out of question - Energy Minister

"We take up a very small share [in the world's total oil production]. Kazakhstan produces only 1,5 million barrels out of 34 million barrels of oil produced in the world per day. So, it doesn't matter if we cut or increase oil production," said Minister Bozumbayev at the press conference after the session of the Government.

Bozumbayev added that Saudi Arabia and Russia are the world's leading oil producers. "Saudi Arabia and Russia produce over 10 million barrels per day apiece and together produce 60% of the world's crude. Besides, there is Iran that now produces nearly 4 million barrels a day, the Persian Gulf countries, Brazil, Mexico. After all major players of the global oil market have their say, Kazakhstan will express its point of view. We participate in these negotiations [on oil freeze] as an observer," the minister stressed.

Bozumbayev reminded that the Kashagan oilfield was launched on September 28 and that ‘oil production cut at the field is out of the question'.

"We have obligations and there are no plans to cut oil production at Kashagan," he added.