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14:35, 07 January 2017

Kazakhstan cuts oil output as part of its OPEC commitment

AKIPRESS.COM - Kazakhstan cuts oil output as part of its OPEC commitment, Kuandik Kulmurzin, director of Kazakh Energy Ministry’s department of oil industry development told Astana TV channel.

Output was cut by 20,000 bpd from January 1, he said. 

In late 2016,  OPEC has agreed to down output by 1.2 million barrels per day from January 1, 2017 with top exporter Saudi Arabia cutting as much as 486,000 bpd. Non-OPEC producers (Kazakhstan, Russia, Azerbaijan, Bahrain, Bolivia, Equatorial Guinea, Malaysia, Mexico, Oman, Sudan and South Sudan) agreed to reduce output by 558,000 bpd, short of the initial target of 600,000 bpd but still the largest contribution by non-OPEC ever.

Of that, Russia said would cut 300,000 bpd. Russian output would fall to 10.947 million bpd after six months. 

Kazakhstan, for its part, said to keep average monthly production at a 1.68 million bpd level in six months. Reducing daily oil output by 20,000 barrels will be achieved by reducing output at the oilfields in Aktobe, Kyzylorda and Mangystau regions, the Ministry of Energy said.

Mexico will cut 100,000 bpd, Azerbaijan - 30,000 bpd, Malaysia - 20,000 bpd.

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