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Kazakhstan Opec Agreement

// Author: James // 0 Comments

As of October 2020, oil production in Kazakhstan without condensate was 1.4 million barrels per day, according to provisional official data. “Kazakhstan is working closely with OPEC. The level of implementation of OPEC`s commitments was 99% “, said the Minister. ”¬†Thanks to the agreement of the oil-exporting countries, we have been able to maintain a balance in the oil and petroleum products market, to avoid the emergency shutdown of certain fields. 2020 was a test for the entire oil industry,” Nogayev said, adding: “Thanks to our joint efforts, we have been able to avoid negative consequences for Kazakhstan`s fuel and energy complex.” Under the OPEC agreement, the initiative`s members were expected to reduce oil production from 9.7 million barrels per day to 7.7 million barrels per day from August to the end of this year. In early April, Kazakhstan received new commitments under the OPEC agreement on the reduction of oil production. Kazakhstan has pledged to reduce its oil production by 390,000 barrels per day under a new agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC, of which Kazakhstan is a part. Under the OPEC agreement, which aims to reduce oil production by 9.7 million barrels per day between May and June, Kazakhstan has committed to reducing production by 390,000 barrels per day. On 6 June, Kazakhstan agreed to extend the OPEC agreement by one month to its current production level until the end of July. NUR-SULTAN, Kazakhstan – Kazakhstan has almost fully complied with its obligations under the OPEC agreement, Kazakh Energy Minister Nurlan Nogayev said on November 9 during a working trip to the Mangistau Oblast, Kazakhstan`s western oil region. NUR-SULTAN, Kazakhstan – Kazakhstan`s average daily oil production in Kazakhstan amounted in July to 1.313 million barrels per day, or 101% of the country`s commitments to cut oil production under the OPEC agreement, the Kazakh Energy Ministry said on August 5, citing preliminary data. Kazakh Energy Minister Nurlan Nogayev attended the meeting and said the agreement had a positive impact on the global oil industry, maintained demand and supply balance sheets and stabilized oil and oil markets. For Kazakhstan, oil production will decline by 1.417 million barrels per day in January 2021.

Under the OPEC agreement, Kazakhstan`s commitments to reduce oil production in July 2020 amount to 1.319 million barrels per day. Combined production from the Tengiz and Kashagan fields reached nearly 900,000 bpd in 2019, more than half of Kazakhstan`s oil production. Kazakhstan has agreed to reduce 390,000 barrels per day (bpd) of its production to about 1.3 million bpd, according to the state energy ministry. Nogayev stressed that the pandemic has made great adjustments in all sectors of human activity, the oil industry is no exception.

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