Kazakhstan fulfills its obligations to cut oil production by 92%
The OPEC+ member countries last month cut oil production up to a three-decade minimum, S&P Global Platts reported.
In June, 13 members of the organization pumped 22.3 million barrels per day, which is the lowest collective output since September 1990, when the launch of the first Gulf War almost wiped out crude oil production in Iraq and Kuwait.
According to the OPEC+ agreement, Kazakhstan fulfilled its obligations by 92 percent. The list of countries that cut the production more than necessary involves Sudan,Saudi Arabia,United Arab Emirates. It became known that these states were able to fulfill the obligation by 147, 136 and 116 percent. There are also countries that least followed the agreement. Mexico fulfilled obligations only by 73 percent, Nigeria by 60 percent, Equatorial Guinea by 55 percent and Congo by 34 percent.
The OPEC+ member countries will discuss the further cut in oil production at the next meeting. Experts said that quotas for the oil production are expected to be eased in August, taking into account the gradual restoration of the global economy.
“The 9.7 million bpd production cut accord runs through July, after which the cuts roll back to 7.7 million bpd. A nine-country Joint Ministerial Monitoring Committee co-chaired by Saudi Arabia and Russia, the coalition’s two biggest members, is scheduled to meet online July 15 to review market conditions,” noted the agency.
Earlier, Kazakhstan pledged to make additional voluntary cuts in the oil production in August and September.