Kazakhstan to significantly reduce oil production in May-June

Almaty. April 19. Silkroadnews – Kazakhstan will significantly reduce oil production in May-June 2017, fulfilling its obligations to the OPEC, Kazakhstani media wrote.

“Kazakhstan did not undertake a commitment to adhere to a certain volume of production on a monthly basis.
Kazakhstan has undertaken a commitment for its average production not to exceed 1.7 million barrels minus 20 000 per day within a period from January 1 to July 1”, Kanat Bozumbayev, Kazakhstani Minister of Energy, said.

He noted, in January production decreased by an average of 30 thousand barrels per day. In February the number increased slightly, and in March the volume of production exceeded 1.7 million tonnes.

“We expect the situation to change slightly in April, followed by significant production decrease both in May and in June. Everything depends on Karachaganak, Tengiz and Kashagan”, the minister said.

He emphasized that oil production in Kazakhstan declines in summer due to climatic conditions. The obligations to the OPEC were undertaken taking into account the weather conditions of Kazakhstan.

“In summer, from June to August, mining traditionally decreases significantly. We took these factors into account when made a decision. I believe, we will fulfill our obligations”, the head of the Ministry of Energy explained.