Kazakhstan has undertaken to reduce its oil production from 1.86 million barrels per day (b/d) to 1.84 million b/d under the latest OPEC+ deal, the country’s Energy Ministry said.
“Kazakhstan supported this [OPEC+] decision by assuming an obligation further to reduce its oil output by 17,000 b/d. It means that, under the effective agreement approved in December 2018, Kazakhstan’s obligation now stands at 1.843 million b/d,” the ministry stated on Saturday.
“The results of the 11-month period of 2019 show Kazakhstan exceeding its obligation, having produced 56,000 b/d below the required level of 1.86 million b/d,” the statement reads.
At a meeting in Vienna last Friday the OPEC nations agreed to cut their oil outputs further by 372,000 b/d and non-OPEC nations by 131,000 b/d from January 1 until the end of the first quarter of 2020.
Thus, total production will be reduced by 503,000 b/d.
Earlier Kazakhstan undertook to keep its oil output at 1.86 million b/d.
Interfax
“Kazakhstan supported this [OPEC+] decision by assuming an obligation further to reduce its oil output by 17,000 b/d. It means that, under the effective agreement approved in December 2018, Kazakhstan’s obligation now stands at 1.843 million b/d,” the ministry stated on Saturday.
“The results of the 11-month period of 2019 show Kazakhstan exceeding its obligation, having produced 56,000 b/d below the required level of 1.86 million b/d,” the statement reads.
At a meeting in Vienna last Friday the OPEC nations agreed to cut their oil outputs further by 372,000 b/d and non-OPEC nations by 131,000 b/d from January 1 until the end of the first quarter of 2020.
Thus, total production will be reduced by 503,000 b/d.
Earlier Kazakhstan undertook to keep its oil output at 1.86 million b/d.
Interfax