Kazakhstan will increase oil production under the OPEC + agrt
On December 2, a ministerial meeting of the countries participating in the OPEC + agreement was held in the format of a video conference. Kazakhstan was represented at the meeting by Energy Minister Magzum Mirzagaliyev, Kazpravda.kz reports with reference to the press service of the Ministry of Energy of the Republic of Kazakhstan.
The meeting discussed the implementation in October by the countries of their obligations under the Agreement. The level of fulfillment of obligations by the OPEC member countries in October amounted to 108%.
Following the meeting, it was decided to continue increasing the current production level by OPEC + countries by 400 thousand barrels per day until the restrictions are completely lifted.
The OPEC + quota for Kazakhstan in December was set at 1.556 million barrels per day, and every month production will increase by an average of 16 thousand barrels per day. Thus, liabilities in January 2022 will amount to 1.572 million barrels per day.
It was also decided to extend the period of compensation for overfulfilled volumes until the end of June 2022.