By the end of October, Kazakhstan fulfilled 99% of its obligations under the OPEC + deal, which provides for a reduction in oil production. This was reported in the press service of the Ministry of Energy of Kazakhstan on Monday
“In October 2020, according to official preliminary data, oil production in Kazakhstan, excluding condensate, amounted to 1.4 million barrels per day. The level of fulfillment of the obligations of the OPEC + agreement amounted to 99%,” the message says.
As the Minister of Energy of Kazakhstan Nurlan Nogayev noted, 2020 was a test for the entire oil industry, but thanks to joint efforts, the balance of supply and demand in the market is gradually being restored.Under the OPEC + agreement, which provides for a collective reduction in oil production by 9.7 million barrels per day in May-June, Kazakhstan committed itself to cut production by 390 thousand barrels per day.
