Kazakhstan will compensate May's overproduction of oil beyond the limits mandated by the OPEC+ deal in August or September, Minister of Energy Nurlan Nogayev said on Tuesday
NUR-SULTAN (Pakistan Point News / Sputnik - 09th June, 2020) - Kazakhstan will compensate May's overproduction of oil beyond the limits mandated by the OPEC+ deal in August or September, Minister of Energy Nurlan Nogayev said on Tuesday.
In late May, Nogayev announced that the country would produce 1.3 million barrels a day per its OPEC+ obligations, cutting its production by 390,000 barrels a day in May and June.
"The was a net oil overproduction of 3.13 million barrels in Kazakhstan during the first 12 days of May, which we plan to offset in August-September," the minister said at a government meeting.
On April 12, the OPEC+ countries agreed to reduce oil production by 9.7 million barrels per day in May and June, followed by 7.7 million per day for the year's second half, and then 5.8 million per day until April 2022. On Saturday, the parties agreed to extend the deal until the end of July.
