Nogayev said at a press conference:
- We believe in a cautious increase of oil output because we see that global vaccination is paying off and businesses are opening up
- OPEC+ will meet July 1 to determine all possible options on quotas, as well as when to start easing output
- We'll deliberate whether it will be from August or from September-October
Kazakhstan's own capacity stands at 90 million mt of oil and condensate, according to the minister, which «can be achieved once OPEC+ gives its approval.»
So far, the country's output plans for 2021 stand practically flat on the year at 85.3 million mt.
Kazakhstan's OPEC+ crude production quota will ease to 1.475 million b/d in July, in line with the alliance's plans to boost total output by about 2.1 million b/d by the end of next month.
Exports to Belarus
In 2021, Kazakhstan also plans to raise refining volumes to 17 million mt and production of oil products to 12.4 million mt, up 7.6% and 7.8% from 2020 levels, respectively.
Nogayev said:
- Exports of oil & oil products to sanction-hit Belarus, which was preliminary agreed on earlier this week, would be considered by the Kazakh parliament not earlier than October-November
- We have to ratify this agreement... types and volumes of petroleum products which can be supplied will also be discussed by the parliament
