Kazakhstan fulfilled obligations under the OPEC+ deal by 111% in January

In January 2021, Kazakhstan produced 5.9 million tons of oil excluding condensate, and the OPEC+ deal was completed by 111%, the Ministry of Energy of the Republic reports, according to Angi.

On February 4, the Ministry of Energy of Kazakhstan announced that the state was ready to fulfil the obligations undertaken within OPEC+ and compensate for previously over fulfilled oil production volumes. By the end of December 2020, Kazakhstan fulfilled its obligations under the OPEC+ deal by 96%.

 In early January, OPEC+ countries agreed on production parameters for February and March. Under these conditions, Russia and Kazakhstan will be able to increase oil production by 150 thousand barrels per day within two months, while Saudi Arabia and all other OPEC+ members, on the contrary, will increase production cuts by a total of 1.4 million barrels per day.

As reported, JMMC has appointed a special representative for Africa.

Tags: oil, RF, OPEC+, price, agreement, petroleum products, Saudi Arabia, decline in production, economy

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