ALMATY, Mar 13 (NNN-KTA) – Kazakhstan will soon adjust its oil production to fully comply with the limits set by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, the country’s Energy Ministry announced yesterday.
“The Republic of Kazakhstan has taken the necessary measures to compensate for the temporary increase in production. In the near future, production volumes will be adjusted to fully comply with the established limits,” the Ministry of Energy said in a statement.
The ministry emphasised that, Kazakhstan accounts for only 1.5% of global oil production and about 3% of OPEC+ production.
“These indicators show that Kazakhstan does not have a critical impact on the global balance of supply and demand; however, our country remains a reliable partner and fulfills its obligations,” the statement said.
Kazakhstan, which contributed more than half of the overall OPEC+ oil production rise in Feb, has consistently exceeded its output quota of 1.468 million barrels per day (bpd), under the production-curbing deal struck by OPEC+, the organisation’s data showed yesterday.
According to OPEC data, Kazakhstan produced 1.767 million bpd of oil in Feb, up from 1.570 million bpd in Jan.– NNN-KTA
