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4/10, 3:38 AM (Source: TeleTrader)
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Kazakhstan: OPEC+ deal not reached after all

OPEC+ failed to reach an agreement on oil output cuts on Thursday, Kazakhstan's Ministry of Energy confirmed.

A statement for the ministry said: "As a result of eleven-hour talks the parties could not reach any agreement. Kazakhstan, in its turn, remains hopeful that in the future the consensus on collective reduction of oil production will be reached, which will impact positively on the oil industry."

Initially, reports suggested that OPEC+ finalized a deal to cut output by 10 million barrels per day in May and June, but Mexico's resistance to accept the deal led to uncertainty. Talks are expected to continue on Friday.

Breaking the News / VP