Baku, Azerbaijan, Dec. 12
By Elena Kosolapova - Trend:
Kazakhstan plans to cut oil production by 20,000 tons within the agreement reached between OPEC and Non-OPEC countries on Dec.10, Kazakh energy ministry said on Dec. 12.
The ministry noted that oil production will be reduced at some oil fields in Aktobe, Kyzylorda and Mangystau regions.
“Reduction will not affect such major projects as the North-Caspian project (Kashagan), Tengiz and Karachaganak,” the ministry said.
Oil production will be reduced from November level when Kazakh Kashagan field has reached a commercial production level and the country increased output to 1.7 million barrels. Hence oil output in Kazakhstan will be reduced to 1.68 million bpd.
On Saturday Dec. 10 OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices. Non-oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 bpd starting from Jan. 1, 2017 for six months, extendable for another six months, to take into account prevailing market conditions and prospects.
Earlier OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 bpd.
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