The meeting of OPEC and non-OPEC countries that was held Apr. 17 in Doha (Qatar) did not give the results expected by Kazakhstan, said Rashid Zhaksylykov, chairman of the presidium of KazService Union.

He made the remarks during the briefing of the Central Communications Service under the President of Kazakhstan, Kazinform agency reported.

"All of us are concerned about the oil prices, and what impact it will have on our country's development," said Zhaksylykov. "Also there is an issue about the future of companies that operate in the sphere of oil services."

The meeting in Doha didn't give the expected results due to Iran's disagreement to reduce the oil output, he said.

Iran started the year with oil output of 500,000 barrels per day and has brought the oil production up to 1.5 million barrels per day, noted Zhaksylykov. He also added that Iran intends to bring the oil output up to 4 million barrels per day by the end of the year.

There is still hope that one more meeting will be held in a month and the work to stabilize the oil prices will continue, said Zhaksylykov.

Kazakhstan has reduced the oil production in 2016. The country plans to sell 74 million tons of oil versus 80 million tons sold in 2015.

"This is a great loss," said Zhaksylykov adding that the further decline in oil output will lead to a shortage of funds for the development of the country's production, regional development, and social programs.

Edited by SI

Source: Trend