Economics

Kazakhstan will increase oil production under OPEC + agreement

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On July 18, 2021, a ministerial meeting of the OPEC + countries was held in the video conference format. Kazakhstan was represented at the meeting by the Energy Minister Nurlan Nogayev, Kazpravda.kz refers to the press service of the Ministry of Energy of Kazakhstan reporting.

In his speech, Nurlan Nogayev noted that thanks to the measures taken under the OPEC + agreement, the situation on the world oil market had changed for the better. Kazakhstan spoke in favor of increasing the current production level of the countries participating in the Agreement.

The meeting resolved to collectively increase the current production level by OPEC + countries by 400 000 barrels a day per month until the parties to the agreement lift the restrictions of 5.8 million barrels per day.

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.

Thus, the OPEC + quota for Kazakhstan in August will be 1.491 million barrels per day, and each month production will increase by an average of 16 000 barrels per day.

09:19, 19 July 2021
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