Officials from Saudi Arabia and Kazakhstan noted the importance of ongoing production cuts during a recent meeting in Uzbekistan, Saudi Arabian media reported, according to Reuters.
Both countries are signatories to a production-cut agreement implemented in January to cut global oil-production by 1.8 million barrels per day (b/d).
The agreement is between OPEC and independent oil producers, such as Russia, Kazakhstan, and Oman.
“Our joint efforts between Russia, Saudi Arabia, and 24 other states that have been working on stabilizing the oil market will have great impact and I hope great benefits,” the Saudi Energy Minister, Khalid El Falih, stated at an event in Tashkent, according to Reuters.
Instead decreasing production, Kazakhstan’s crude production has actually increased since the implementation of the agreement, Bloomberg reports. Saudi Arabia, on the other hand, has remained fully compliant with the agreement since its implementation in January, according to Bloomberg.
In August, Kazakhstan indicated that it remained committed to the deal, Egypt Oil & Gas reported.
While the agreement is currently scheduled to expire in March 2018, it is widely expected that the deal will be extended until the end of 2018, Reuters previously reported.