In the second half of this year Kazakhstan will continue to reduce oil production

The government of the Republic of Kazakhstan has adopted a Resolution "On introduction of temporary restrictions on the use of subsoil plots for medium, large and giant fields in proportion to export volumes".

The adopted approach allows to ensure the needs of the domestic market of Kazakhstan in the necessary volumes of oil products, as well as a fair distribution of obligations to reduce oil production for large projects and old fields that are at the stage of natural decline in production.

The measures taken will reduce the risks of emergency shutdowns of Kazakhstan's oil fields and ensure a stable flow of funds from Kazakhstan's oil exports.

Due to earlier measures taken to reduce oil in Kazakhstan and other countries, there is a positive trend in the dynamics of oil prices (on 23.06.2020, the price of Brent was 42.23 dollars/bbl) and a decrease in the imbalance in the oil market.

Unofficial translation