Kazakhstan to compensate for oil overproduction in August-September, Nogayev says
Kazakhstan is ready to fulfil its obligations under the OPEC+ agreement, said Kazakh Energy Minister Nurlan Nogayev at a meeting of the Joint Ministerial Monitoring Committee. He reported that in May, Kazakhstan’s fulfillment of the obligations under the OPEC+ agreement amounted to 71 percent. The total overproduction is 3.13 million barrels and is related to the industry’s inertia. Nogayev added that the overproduction will be compensated by the additional decline in oil output in August and September.
The minister highlighted that Kazakhstan commended the OPEC+ agreement and its positive impact on the oil industry. Earlier, the country committed to reduce the oil production by 390,000 barrels per day in May and June.
The total oil output in Kazakhstan reached 90.5 million tons last year. The country plans to produce 86 million tons of the oil in 2020.