Kazakhstan to reduce oil production by 300,000 barrels per day

Baku, Azerbaijan, March 18

By Fakhri Vakilov – Trend:

Kazakhstan's Energy Minister Kanat Bozumbayev announced the country’s intention to cut oil production in April by 300,000 barrels per day due to scheduled maintenance work at the Kashagan, Karachaganak and Tengiz fields, Trend reports via Kazakh media.

Bozumbayev states that Kazakhstan has already reduced oil production by 130,000 barrels per day.

On Sunday, the oil ministers of Saudi Arabia and Iraq, Khalid bin Abdulaziz al-Falih and Thamir Ghadhban, announced their intention to reduce oil production in April 2019.

On Wednesday, Bozumbayev said that from mid-March, Kazakhstan intends to reduce oil production by 200,000 barrels per day due to repair work at the Kashagan and Karachaganak fields on the sidelines of the industry conference CERAWeek in Houston.

The agency maintains the forecast for oil demand growth in 2019 at the level of 1.4 million barrels per day.

OPEC + countries agreed at the end of 2018 to reduce oil production by 1.2 million barrels per day in order to keep oil prices at a high level.

Moreover, Kazakhstan’s oil production reached a record 90.3 million tons of oil, in 2018 and it is planned to produce 1 million tons less in 2019.

Kashagan - the largest oil and gas field in Kazakhstan, was put into commercial operation in the fall of 2016. The field’s reserves are estimated at 4.65 billion tons, or 36.6 billion barrels of oil, of which 11 billion barrels are considered recoverable. Earlier it was reported that the first phase of the project involves the production of 16-17 million tons per year, with the launch of subsequent phases of the production shelf will be 60-70 million tons.

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Follow author on Twitter:@vakilovfaxri

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