Kazakhstan fulfills its obligations under OPEC+ agreement

In April Kazakhstan joined new commitments under the agreement between OPEC+ member countries to collectively reduce oil production by 9.7 million barrels per day in may-July 2020, the press service of ME of RoK reports.

Participation in OPEC+ Agreement is aimed at restoring the balance of supply and demand, as well as oil prices. To avoid the risk of oversupply of oil in storage, the Ministry of Energy decided to limit production at medium-sized, large and giant fields. There was a fair distribution of obligations to reduce oil production for all types of fields.

Kazakhstan takes all necessary actions to fulfill its obligations. In accordance with the Agreement, Kazakhstan's obligations for July are 1.319 million barrels per day. The average daily production in July, according to preliminary data, was 1.313 million barrels/day or 101 % of the liabilities. Data on the fulfillment of the agreement's obligations by the Republic were transmitted to OPEC+ Secretariat.

Thanks to participation in the transaction, all market players came to a controlled and smooth reduction of oil production, which in turn had a positive impact on the global oil industry.

Unofficial translation