On July 15, a meeting of the OPEC+7 Joint Monitoring Committee was held where participants noted the positive impact of the agreement on the global oil industry, Kazakhstan’s Energy Ministry said, adding that a number of countries that, for various reasons, could not fully fulfill their obligations, confirmed their readiness to make additional cuts in oil production. “Kazakhstan is also ready to fulfill its obligations,” Kazakhstan’s Energy Ministry said.
The ministry recalled that representatives of Kazakhstan told the OPEC+ secretariat that in the first 12 days of May there was an overproduction of oil in the country due to the inertia of the industry. Under the terms of the OPEC+ agreement, the collective reduction in oil production is to be reduced from 9.7 million barrels per day up to 7.7 million barrels per day since August until the end of this year, the ministry said.
Earlier, an agreement was reached between the OPEC+ member countries on a collective reduction in oil production by 9.7 million barrels. per day in May-July. During the meeting of the OPEC + Joint Monitoring Committee, the results of the fulfilment of obligations by the countries for June were discussed.