Kazakhstan to increase oil output under OPEC+ deal

Kazakhstan to increase oil output under OPEC+ deal

Kazakhstan will increase oil production under the OPEC+ agreement, the quota for the republic in August will amount to 1.491 mln bpd, press service of the Ministry of Energy of Kazakhstan said following the results of the ministerial meeting of the countries participating in the agreement.

"The quota for Kazakhstan in the framework of OPEC+ in August will amount to 1.491 mln bpd, and each month production will increase by an average of 16,000 bpd," the statement said.

The department noted that following the meeting, it was decided to collectively increase the current level of production by the OPEC+ countries by 400,000 bpd per month until the parties to the agreement lift the restrictions of 5.8 mln bpd. At the same time, it was decided to hold a meeting in December 2021 to discuss the state of the market and possible further measures, the press service added.

Kazakhstan's obligations under the OPEC+ agreement on production in April amounted to 1.457 mln barrels per day, or minus 15% of the base level of 1.709 mln barrels per day in November 2018. According to the OPEC+ agreements, Kazakhstan continues to increase oil production under the agreement in May, June, and July. Obligations for the country in May amounted to 1.463 mln barrels per day, in June - 1.469 mln barrels per day, in July - 1.475 mln barrels per day.

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