BAKU, Azerbaijan, Mar.10
By Nargiz Sadikhova – Trend:
Kazakhstan is planning to maintain previously approved plan for oil extraction volume in 2020, Kazakhstan’s Minister of Energy Nurlan Nogayev said, Trend reports with reference to Kazakh media.
Nogayev noted that no significant increase or decrease in extraction volume is planned.
At the end of 2018, OPEC and a number of non-affiliated countries (Kazakhstan being one of them) decided to extend 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.
A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.
Kazakhstan has supported the decision to reduce oil extraction by additional 500,000 barrels a day within the framework of OPEC+ agreement under the decision made during the 7th OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria, on Dec. 6, 2019.
Thus, latest liabilities of Kazakhstan within the agreement are 1.843 million barrels a day compared to 1.86 million barrels a day previously.
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