Kazakhstan Opec Agreement

Kazakhstan Opec Agreement

Under the OPEC agreement, which aims to reduce oil production by 9.7 million barrels per day between May and June, Kazakhstan has committed to reducing production by 390,000 barrels per day. On 6 June, Kazakhstan agreed to extend the OPEC agreement by one month to its current production level until the end of July. Kazakh Energy Minister Nurlan Nogayev attended the meeting and said the agreement had a positive impact on the global oil industry, maintained demand and supply balance sheets and stabilized oil and oil markets. For Kazakhstan, oil production will decline by 1.417 million barrels per day in January 2021. As of October 2020, oil production in Kazakhstan without condensate was 1.4 million barrels per day, according to provisional official data. «Kazakhstan is working closely with OPEC. The level of implementation of OPEC`s commitments was 99%,» said the Minister. Under the OPEC agreement, the initiative`s members were expected to reduce oil production from 9.7 million barrels per day to 7.7 million barrels per day from August to the end of this year. Under the OPEC agreement, Kazakhstan`s commitments to reduce oil production in July 2020 amount to 1.319 million barrels per day.

Kazakhstan has pledged to reduce its oil production by 390,000 barrels per day under a new agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC, of which Kazakhstan is a part. NUR-SULTAN, Kazakhstan – Kazakhstan`s average daily oil production in Kazakhstan amounted in July to 1.313 million barrels per day, or 101% of the country`s commitments to cut oil production under the OPEC agreement, the Kazakh Energy Ministry said on August 5, citing preliminary data. «Thanks to the agreement of the oil-exporting countries, we have been able to maintain a balance in the oil and petroleum products market, to avoid the emergency shutdown of some fields. 2020 was a test for the entire oil industry,» Nogayev said, adding: «Thanks to our joint efforts, we have been able to avoid negative consequences for Kazakhstan`s fuel and energy complex.» In early April, Kazakhstan received new commitments under the OPEC agreement on the reduction of oil production. NUR-SULTAN, Kazakhstan – Kazakhstan has almost fully complied with its obligations under the OPEC agreement, Kazakh Energy Minister Nurlan Nogayev said on November 9 during a working trip to the Mangistau Oblast, Kazakhstan`s western oil region. The TCO and NCOC declined to comment on the reductions in oil production. TCO stated that the company «continued to produce according to the company`s shareholder-approved business plan.» Tengizchevroil (TCO), which operates the Tengiz field and is managed by the U.S. oil group Chevron, and Kashagan, operated by caspian North Operating Corporation (NCOC), were not invited to participate in previous production restrictions. Market participants said they expected the CPC Blend june charging plan to be released shortly. (Jan Harvey and Jane Merriman Cup) According to Kazakhstan`s Ministry of Energy, production is expected in August-September of this year at a level sufficient to compensate for the overproduction of previous months. Consumers in Kazakhstan are still vulnerable to the purchase of new cars in 2020 In order to tackle the potential problem, Kazakhstan has drafted a government decree providing for temporary restrictions on the use of underground sites for hydrocarbon exploration, production processes and production. .

Combined production from the Tengiz and Kashagan fields reached nearly 900,000 bpd in 2019, more than half of Kazakhstan`s oil production. «The COVID 19 pandemic has caused an economic recession in many countries around the world and has undermined oil demand, with unintended negative impacts on sectors such as transportation fuel. The announced closures in many countries around the world – particularly in the United States, Europe, India and the Middle East – are reducing air traffic activity, in addition to