Kazakhstan has limited oil production in medium and large fields

The Government of Kazakhstan adopted a decree “On the introduction of temporary restrictions on the use of subsoil plots for medium, large and giant fields in proportion to export volumes,” Angi reports.

“The adopted approach allows us to meet 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 a natural decline in production,” the Cabinet of Ministers said in a statement.

It is noted that such measures will reduce the risk of emergency shutdowns of Kazakhstani fields and ensure a stable flow of funds from the export of Kazakhstani oil.

Thanks to the previously taken measures to reduce oil in Kazakhstan and other countries, there is a positive trend in the dynamics of oil prices and a decrease in the imbalance in the oil market.

Earlier it was reported that Iraq and Kazakhstan submitted to the OPEC+ JMMC their plans to compensate for unfulfilled obligations to reduce oil production.

Tags: contracts, oil, hydrocarbon production, legislation, energy market, добыча нефти, foreign affairs, OPEC+, OPEC, stocks, price, agreement, volumes, oil products, well, field, energy sector, decline in production, oil companies, oil reserves, crisis, economy, market, oil and gas industry, oil production

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