Kazakhstan exceeded its obligations to cut oil production under the OPEC + agreement in July

Kazakhstan fulfilled its obligations under the OPEC+ agreement by 101% in July. The state has reduced oil production to 1.313 million barrels per day, Angi reports.

“In accordance with the agreement, Kazakhstan's commitments for July are 1.319 million barrels per day. However, the average daily production in July, according to preliminary data, amounted to 1.313 million barrels per day, or 101% of obligations. Data on the fulfillment of the obligations of the agreement by the republic were transferred to OPEC+ secretariat,” the statement says.

Kazakhstan complied with an agreement to cut oil production by 71% in May, but in August and September promised to compensate for compliance with the agreement.

In June this year, oil production excluding condensate in Kazakhstan amounted to 5.3 million tons, or 1.297 million barrels per day. Thus, the level of fulfillment of obligations under OPEC+ deal in June was 105%.

Earlier it was reported that the price of Brent oil exceeded $45 for the first time since March.

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