Kazakhstan not to change its oil production forecast due to OPEC+ agreement

Maria Novoselova/"Vestnik Kavkaza"

The forecast for oil production in Kazakhstan will not change due to the agreement with OPEC+. This statement was made by the head of the country's Ministry of Energy Almasadam Satkaliev.

He noted that the republic is ready to compensate for the amount over time if necessary.

"The forecast will not change. Voluntary obligations (within the framework of OPEC+) will be in effect during the first and second quarters. On the basis of these results, we will look at the price situation in the oil markets, the emerging demand balance and consumption. In general, we have the opportunity to compensate for these volumes in the subsequent period if necessary",

Almasadam Satkaliev said.

Earlier, the Republic's Ministry of Energy clarified that the forecast assumed oil production at 90.3 million tons.

This month, a number of OPEC+ countries pledged to extend measures to reduce oil production for the second quarter of this year.

Kazakhstan also decided to voluntarily reduce fuel production by 82 thousand barrels per day.

Thus, the republic will receive up to 1.4 billion barrels per day until the end of the second quarter of this year.

© Photo :Maria Novoselova/"Vestnik Kavkaza"