Kazakhstan fulfills terms of OPEC+ oil production cuts deal
According to preliminary data, the average daily oil production in Kazakhstan in July totaled at 1.31 million barrels per day or 101 percent of the obligations under the OPEC+ agreement, Kazakh Ministry of Energy said in a statement.
In April, Kazakhstan acceded to the new obligations under the agreement between the OPEC+ members to cut oil production by 9.7 million barrels a day in May and June 2020.
The relevant ministry stressed that Kazakhstan was taking all the necessary actions to comply with the obligations under the OPEC+ deal.
“Participation in the OPEC+ agreement is aimed at restoring the balance of supply and demand, as well as oil prices. Kazakh Ministry of Energy decided to limit oil production in medium, large, and giant fields in order to avoid the risk of oil oversupply in storage facilities. A fair distribution of obligations to cut oil production for all types of fields was envisaged,” the statement says.
Participation in the deal enabled all oil-producing countries to control and gradually reduce oil production. According to Kazakh Ministry of Energy, this had a positive effect on the oil industry in the world as a whole.