On Friday, Kazakhstan’s energy ministry said that in June, the country cut its oil production beyond its quota under the OPEC+ pact to compensate for the low compliance level in May.
Last month, the country’s oil output war 5.3 million tonnes or 1.297 million bpd excluding gas condensate. It showed a sharp fall from May’s 6.1 million tonnes.
According to the ministry, Kazakhstan will also over comply with the cuts in August and September to counterbalance its May level.
In line with the output cut pact, the country will produce 85.2 million tonnes of oil in 2020. Next year, Kazakhstan plans to produce 86 million tonnes and for 2022, it will bring output to 89.6 million tonnes.
