Nur-Sultan-Sana
The Kazakh Ministry of Energy announced today that it produced about 1.599 million barrels of oil per day during last October, exceeding its quota from OPEC Plus.
Sputnik news agency quoted the ministry as saying in a statement that “this daily rate of production exceeds the quota allocated to it under the agreement of OPEC and non-OPEC producers, which amounts to 1.524 million barrels per day, adding that the total compliance rate with the quota by Kazakhstan since May 2020 has reached 95 percent.
The rise in oil production by Kazakhstan comes in light of the increase in gas and coal futures prices to record levels in recent weeks, with a fuel shortage crisis in most parts of Europe and Asia, which prompted the Organization of the Petroleum Exporting Countries (OPEC) to pledge to increase daily production by 400,000 barrels each month to curb The rise in fuel prices.
