Oil production in Kazakhstan has decreased by 1.4% for 7 months

In January-July 2020, oil production in Kazakhstan amounted to 51.5 million tons, 1.4% down compared to the same period last year, Angi reports.

“At the end of seven months of this year, oil and condensate production amounted to 51.5 million tons, which is 1.4% lower compared to the same period in 2019,” said the Minister of Energy of the Republic Nurlan Nogaev.

Oil exports in January-July amounted to 42 million tons, which is 0.4% higher compared to the same period in 2019.

In April, Kazakhstan joined new obligations under the agreement between OPEC+ countries to reduce oil production by 9.7 million barrels per day in May - July 2020. In accordance with the agreement, Kazakhstan's obligations for July amounted to 1.319 million barrels per day. According to the Ministry of Energy, the average daily production in July amounted to 1.313 million barrels per day, or 101% of obligations.

In accordance with the decision of OPEC+, the forecast for oil production in Kazakhstan for 2020 is 85.2 million tons. In 2019, the volume of oil production in the country amounted to 90.5 million tons.

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