Kazakhstan commits to fulfilling obligations under OPEC agreement

Nur-Sultan, February 8 - Neftegaz.RU. Kazakhstan expressed its commitment to adhering to full conformity and to compensating for overproduction within its commitments to the OPEC agreement, said the Kazakh Ministry of Energy on February 2021 in a press statement referring to the meeting of the OPEC Joint Ministerial Monitoring Committee.

Global economic growth is projected to reach 4.4 % in 2021, with global oil demand reaching 95.9 million barrels per day (an increase of 5.6 million bbl/d compared to 2020), the Kazakh Energy Ministry said in a statement.

There was also an improvement in the indicators in the fulfillment of obligations by the countries participating in the agreement as of December by 101 % (103 % by OPEC countries, 93 % by non-OPEC countries).

Over the past months, Kazakhstan has taken steps to not only achieve full conformity to its production adjustment, but also to compensate for overproduced volumes and underlines the importance of fairness and equitability in the declaration of cooperation.

In December 2020, Kazakhstan fulfilled its obligations under the OPEC+ agreement by 96 %, having produced 5.9 million tons of oil excluding condensate.