Kazakhstan In Favor Of Oil Production Increase Under OPEC+ Deal - Energy Minister

Kazakhstan in Favor of Oil Production Increase Under OPEC+ Deal - Energy Minister

Kazakhstan is in favor of a gradual increase in crude oil production in accordance with the OPEC+ deal, Kazakh energy minister Nurlan Nogaev said Wednesday

NUR-SULTAN (UrduPoint News / Sputnik - 30th June, 2021) - Kazakhstan is in favor of a gradual increase in crude oil production in accordance with the OPEC+ deal, Kazakh energy minister Nurlan Nogaev said Wednesday.

"I can't express the position of other countries, but we think that crude oil production can be carefully raised, as we see that worldwide vaccination brings fruit and enterprises reopen, economic activity is growing. The question is, by how much can we raise it? That's the question," Nogaev said at a press conference in capital Nur-Sultan

The OPEC+ production cut deal was reached in April 2020 by 23 countries, including 10 OPEC members amid the precipitous drop in oil demand amid coronavirus-related shutdowns worldwide.

The deal stipulated an initial drawdown of oil output by nearly 10 million barrels a day followed by a 7.7 million bpd reduction until the end of 2020.

The global energy market is currently producing oil under a suppression of 5.7 million bpd, set to last until April 2022 under the deal, but signatories have begun to back more lifting of production limitations amid pandemic recovery.

On Thursday, the 181st Meeting of the OPEC Conference and the 18th OPEC+ Ministerial Meeting is set to take place via videoconference.