Kazakhstan plans to keep oil production at 1.8 million barrels by the end of the year, Energy Minister Kanat Bozumbayev said.
"We have a daily production of 1.8 million barrels, we are not going to reduce it, the average daily production will remain approximately until the end of the year," Bozumbaev told journalists.
According to him, Kazakhstan’s partners are sympathetic to the fact that the country has a large Kashagan field. "If we deduct Kashagan from our oil production, then this year we exceed our 800,000 barrel reduction commitments. There are no serious claims to us,” Bozumbaev said.
On June 23 in Vienna, participants in the OPEC + deal decided to return to 100% implementation of the agreement. "This will give the necessary balance in the market," Bozumbaev said.
He recalled that earlier the OPEC + countries decided to reduce production to the level of 1.8 million barrels per day. "Overstrained. Due to a strong decline in Venezuela, a strong decline in some African countries, Mexico, it turned out 2.8 million barrels decrease, an extra one million. This could in reality lead to the fact that by the end of the year there will not be enough crude oil in stocks among traders to ensure the continuous receipt of crude oil for processing at the world's refineries," Bozumbaev explained.
By Aliya Iksanova for Vlast (Kazakhstan).
