ALMATY (Pakistan Point News / Sputnik - 07th December, 2019) Kazakhstan has exceeded its obligations under the OPEC+ oil production cut deal in the period from January to November this year, the country's energy ministry said Saturday.
"Kazakhstan is actively cooperating with OPEC+ countries and adheres to a policy of stabilizing the global oil market. In the first 11 months of 2019, Kazakhstan exceeded its obligations to cut oil output, reducing production by 56,000 barrels per day below the required level (1.86 million barrels per day)," the ministry said.
Kazakhstan supported the decision taken on Friday in Vienna at the OPEC+ conference to further reduce oil production by a total of 500,000 barrels per day until the end of the first quarter of 2020, it said.
"Kazakhstan supported this decision by committing itself to an additional reduction in oil production by 17,000 barrels per day," the ministry said.
Thus, the country's current obligations under the agreement allow to produce 1.843 million barrels of oil per day, it added.
