Kazakhstan Complies with OPEC+ Deal and Even Moves Beyond

06.08.2020, 18:27 kursiv.kz

According to the Kazakhstani Ministry of Energy, average daily oil production in July was 1.313 million barrels or 101% of the country’s obligations. As part of OPEC+ deal, Kazakhstan was obliged to produce 1.319 million barrels per day in July. In June Kazakhstan exceeded its obligations as well. That month the oil output without condensate was 5.3 million tons or 1.297 million barrels a day with a compliance rate of 105%. In May, the same indicator showed 71%. Earlier in April, Kazakhstan has received new obligations under the OPEC+ agreement to cut oil production. In general, the OPEC + deal is aimed at restoring the balance of supply and demand in order to buoy the oil prices. To avoid