Kazakhstan cut oil output beyond OPEC+ requirements in June

Kazakhstan cut oil output beyond OPEC+ requirements in June

Kazakhstan reduced its oil output in June beyond the level required by the OPEC+ global production cut agreement, in order to compensate for poor compliance in May, the Central Asian nation’s energy ministry said.

The former Soviet republic produced 5.3 million tonnes of oil last month, or 1.297 million barrels per day, excluding gas condensate, the ministry said. In May, it produced 6.1 million tonnes of crude, Reuters reported.

The country will continue to over-comply with the cuts in August and September to offset the May overproduction, the ministry added.

Taking into account the pact commitments, Kazakhstan now plans to produce 85.2 million tonnes of oil this year, 86 million tonnes next year and 89.6 million tonnes in 2022.

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