Kazakhstan cuts 2020 oil output forecast 

Kazakhstan cuts 2020 oil output forecast  Kazakhstan has reduced its forecast on oil production for 2020 from 86 million tonnes to 85.2 million tonnes.
Energy
July 3, 2020 16:13
Kazakhstan cuts 2020 oil output forecast 

Kazakhstan has reduced its forecast on oil production for 2020 from 86 million tonnes to 85.2 million tonnes, Report informs, referring to TASS. 

In 2019, Kazakhstan produced 90.5 million tonnes. 

According to the ministry, the country fulfilled the commitments on OPEC+ deal by 105% in June: “The output, excluding condensate, was 5.3 million tonnes or 1.29 million barrels a day. The planned output in August-September will compensate the excess production in the previous months.” 

Earlier, the ministry had reported that Kazakhstan fulfilled the obligation by 71% in May. 

According to the OPEC+ deal to cut the output by 9.7 million barrels a day, Kazakhstan reduces production by 390,000 barrels a day. On June 6, Kazakhstan supported the extension of the OPEC+ deal for one more month.