Kazakhstan exceeds OPEC+ cap on oil production in March

Daily oil production in Kazakhstan in March amounted to 1.475 million barrels per day, though it had to be not more than 1.437 million barrels per day, according to the production commitments under the OPEC+ deal, Report informs with reference to Kazakhstan's Energy Ministry.

“According to preliminary data, in March, Kazakhstan produced 7.3 million tons of oil and gas condensate. Daily production in Kazakhstan, according to preliminary data, amounted to 1.475 million barrels per day in March. Deviation from commitments will be compensated for in the future, taking into account major repairs for large projects in the summer. Kazakhstan plans to comply with obligations under the OPEC+ agreement,” says the ministry.

Kazakhstan will continue to increase oil production under the agreement in May, June, and July. The limit for Kazakhstan under OPEC+ deal will amount to 1.463 million barrels per day in May, 1.469 million barrels per day in June and 1.475 million barrels per day in July. Kazakhstan's limit under the OPEC+ agreement on production in April amounted to 1.457 million barrels per day, or minus 15% of the base level of 1.709 million barrels per day in November 2018.