NUR-SULTAN – Kazakhstan will produce less oil in August and September to compensate for having surpassed in May output quotas set by the OPEC+ agreement, the Central Asian country’s Energy Minister Nurlan Nogayev said on Tuesday.
“In Kazakhstan, excess oil production for 12 days in May totaled 3.13 million barrels. Compensation is scheduled for August-September,” Nogayev said at a government meeting on Tuesday.
Following the OPEC+ agreement in April to reduce oil production in May and June by 9.7 million barrels per day (mbd), Kazakhstan was expected to cut 390,000 barrels per day for the two months.
On Saturday, members of the Organization of Petroleum Exporting Countries alliance and a dozen independent producers led by Russia agreed to extend the cut of 9.7 mbd for a month, after receiving a commitment from the countries that failed to meet their quota reduction to offset their excess production.
Saudi Arabia and Russia, the largest producers in OPEC+, called on all partners to fulfill their part of the agreement and to reduce supply.
Iraq, Nigeria, Kazakhstan and Angola were, above all, the countries that did not meet 100 percent of the established limit.