January 5, a ministerial meeting of the countries participating in OPEC+ agreement was held in the format of video conference, the press service of the Ministry of Energy of the Republic of Kazakhstan reported.

As the Minister of Energy of the Republic of Kazakhstan Nurlan Nogayev emphasized during his speech, the joint efforts taken by the countries participating in OPEC+ agreement in 2020 were able to stabilize prices in the world oil markets. To date, the current agreement continues to provide a positive impetus for oil industry.

Following the meeting, the countries participating in the agreement decided to extend the current level of oil production cuts for February and March 2021. At the same time, a separate conditions were agreed for Kazakhstan and Russia, providing for a phased increase of production in this period by 10 and 65 thousand barrels/day respectively. Thus, the obligations for Kazakhstan under OPEC+ in February and March will amount to 1.427 million barrels/day and 1.437 million barrels/day respectively.

A source: www.gov.kz