NUR-SULTAN – Kazakhstan will continue to steadily increase its oil production under the OPEC+ agreement, said the Kazakh Ministry of Energy.
The 20th meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Kazakhstan and Russia, concluded on Sept. 1. The meeting participants noted that, while the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD stocks continue to fall as recovery accelerates.
Given the current oil market development, the meeting decided to maintain their July agreement to increase overall production by 400,000 barrels a day from October.
“As a result of the meeting, it was decided to continue the collective increase of the current production level by 400,000 barrels per day by the OPEC+ countries every month until the participants of the agreement remove the 5.8 million barrels per day limitation. Thus, the quota for Kazakhstan under OPEC+ will be 1.508 million barrels per day in September, and each month production will increase by an average of 16,000 barrels per day,” said the Energy Ministry.
The meeting welcomed the positive performance of participating countries as overall conformity to the production adjustments was 110 percent in July. The group is expected to reconvene on Oct. 4 to determine further oil production adjustments.
Addressing the government meeting on Aug. 24, Kazakh Minister of National Economy Aset Irgaliyev said oil production in 2022 will amount to 87.9 million tons, increasing to 107.4 million tons in 2026. In 2021, Kazakhstan plans to produce 85.3 million tons of oil.