OREANDA-NEWSThe Kazakh authorities plan to fully comply with the obligations to reduce oil production under the OPEC+ agreement. This was announced by Vice Minister of Energy of Kazakhstan Aset Magauov at a briefing on Monday.

“It was decided on large, medium-sized fields to limit production in certain subsoil blocks with an emphasis on the powers of the government within national security. About 22% of oil exports for the first quarter of this year will be reduced for all companies that fall into this list of large and medium-sized fields, a non-discriminatory approach has been taken", he said.

“We expect that on the basis of these measures, Kazakhstan’s obligations to reduce oil production under OPEC+ will be fully fulfilled”, Magauov added, responding to a question about reducing oil production under the OPEC+ agreement. Magauov said that Kazakhstan plans to reduce oil production in 2020 to 86 million tons.