Kazakhstan will fulfill its obligations under OPEC+ agreement

Today, July 15, a meeting of joint monitoring Committee of OPEC+ was held, the press service of ME of RoK reports.

Earlier, an agreement was reached between OPEC+ member countries on a collective reduction of oil production by 9.7 million barrels. per day in may-July 2020. During the meeting of OPEC+ joint monitoring Committee, the results of the countries' implementation of their obligations for June 2020 were discussed.

Participants noted the positive impact of the agreement on the global oil industry.

A number of countries that for various reasons could not fully meet their obligations confirmed their readiness to make additional cuts in oil production.

Kazakhstan is ready to fulfill its obligations. Earlier, representatives of the Republic informed OPEC + Secretariat that in the first 12 days of may there was an overproduction of oil production in the country due to the inertia of the industry.

Under the terms of OPEC+ agreement, it is envisaged to reduce the collective reduction in oil production from 9.7 million barrels up to 7.7 million barrels per day per day from August until the end of this year.

Unofficial translation