Kazakhstan overfulfils OPEC+ oil production cut

KMG style=”font-size:40px; line-height: 1.3em; font-weight: 800; padding:7px;”>Kazakhstan overfulfils OPEC+ oil production cut

By Kulpash Konyrova

Workers of Kazakhstan's state oil and gas company KazMunayGaz.
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The forecast for oil production including condensate in Kazakhstan for 2020 is 85.2 million tonnes. Therefore, the government allocated production quotas between fields in the country for the second half of the year. NUR-SULTAN, Kazakhstan – In June, Kazakhstan fulfilled its obligations to reduce oil production under the OPEC+ agreement by 105%, Kazakhstan’s Energy Ministry said. With a decrease in production by 390,000 barrels per day from the level of production in November 2018 (1.709 million barrels per day, excluding condensate), the daily oil production in Kazakhstan should be 1.339 million barrels per day. Kazakhstan within the framework of OPEC+ assumed obligations in May, June and July of this year to reduce production by 390,000 barrels per day. “According to preliminary data, oil production excluding condensate in June of this year amounted to 5.3 million tonnes, or 1.297 million barrels per day. The level of fulfilment of obligations under the OPEC+ agreement in June amounted to 105%,” the ministry said. In May, Kazakhstan within the framework of OPEC+ fulfilled its obligations only by 71%, but intends to compensate for the shortage in August and September.