Kazakhstan fulfilled the agreement to reduce oil production by 71% in May, but in August and September it will compensate for this incomplete compliance with an additional reduction in production.
According to the Ministry of Energy of Kazakhstan, following a meeting of the OPEC + Ministerial Monitoring Committee yesterday, Energy Minister Nurlan Nogaev said that the total overproduction in the first 12 days of May amounted to 3.13 million barrels and is due to the inertia of the industry. According to the Minister, it will be offset by an additional reduction in August and September.
