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Friday 3 July 2020

Kazakhstan Reduced its Oil Production Beyond OPEC+ Requirements in June


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NUR-SULTAN / ex ASTANA (Reuters) — Kazakhstan cut its oil production in June beyond the required level under the OPEC+ global production reduction agreement to compensate for lack of compliance in May, the country’s Energy Ministry said on Friday.

Kazakhstan produced 5.3 mln tons of oil last month, or 1.297 mln barrels a day, excluding gas condensates, the ministry reported. By May, it had produced 6.1 mln tons of crude oil.

The country will continue to comply with August and September cuts to offset May’s overproduction, the ministry added.

Taking into account the pact’s commitments, Kazakhstan now plans to produce 85.2 mln tons of oil this year, 86 mln tons next year and 89.6 mln tons in 2022.

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