Kazakhstan exceeds condition of Vienna deal on oil production by 20,000 barrels
Baku, Azerbaijan, April 11
By Fakhri Vakilov – Trend:
Instead of the agreed 40,000 barrels per day, oil production in Kazakhstan decreased by 60,000 barrels per day, Trend reports with reference to the International Energy Agency.
This indicator was achieved thanks to repair work at large fields.
Kazakhstan in March 2019 reduced oil production and, together with its partners in OPEC +, fulfilled its obligations under the Vienna agreement.
Production in OPEC countries in March also dropped to its lowest level in four years.
In November 2016, the OPEC countries agreed in Vienna to reduce production of oil by 1.2 million barrels per day from the previously agreed October level to 32.5 million barrels.
Non-OPEC 11 countries also agreed in December 10 in Vienna to reduce their production by a total of 558,000 barrels per day. The agreement was concluded for the first half of the year with the possibility of prolongation.
At the end of 2018, OPEC and a number of non-member countries (OPEC +) decided to modernize the terms of the agreement on reducing oil production, which has been in force since the beginning of 2017.
The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018, of which 812,000 fall to 11 OPEC countries.
These Non-OPEC countries include Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iraq, Kuwait, Nigeria, Saudi Arabia, and the United Arab Emirates.
Follow author on Twitter:@vakilovfaxri