Kazakhstan exceeded its obligations to reduce production under the OPEC+ deal in June

Kazakhstan fulfilled its obligations to reduce oil production under OPEC+ deal by 105% in June Angi reports.

Oil production excluding condensate in June of this year amounted to 5.3 million tons, or 1.297 million barrels per day.

In May, Kazakhstan fulfilled its obligations only by 71% within the framework of the OPEC+ deal but intends to compensate for the shortage in August and September. To do this, the government allocated production quotas between fields in the country for the second half of the year.

Kazakhstan, in the framework of the OPEC+ deal, assumed obligations in May-June and July 2020 to reduce production by 390 thousand barrels per day. With a decrease in production by 390 thousand barrels per day from the level of production in November 2018 (1.709 million barrels per day, excluding condensate), the daily oil production in Kazakhstan should be 1.339 million barrels per day.

Recall that Iraq and Kazakhstan presented to JMMC their plans to compensate for unfulfilled obligations to reduce oil production.

It was previously reported that Kazakhstan has limited oil production in medium and large fields.

Tags: contracts, oil, hydrocarbon production, EU, USA, energy market, Asia, добыча нефти, coronavirus, RF, Oil refinery plant, foreign affairs, OPEC+, OPEC, stocks, price, agreement, volumes, oil products, well, field, energy sector, quarantine, Brent, WTI, pandemic, Saudi Arabia, oil pipeline, COVID-19, decline in production, oil companies, crisis, economy, market, oil production, supplier, consumers

Read also

Keystone XL pipeline halted as Biden moves to cancel permit
Brent price went down to $55.88 per barrel
Brent costs $56.21 per barrel