OPEC+ countries agree to boost oil production
The OPEC+ group of leading oil producing countries reached a deal to increase oil production by 400,000 barrels per day each month starting from August. Thus, by the end of this year, global oil production will have returned to the pre-pandemic level of two million barrels per day. Due to this, it will be possible to avoid a shortage of oil in the context of increasing market demand. Experts believe that the oil price will drop to US$60-70 a barrel after the deal.
Kazakhstan to start increasing oil production
In the meantime, the quota for Kazakhstan under the OPEC+ agreement in August will amount to almost 1.5 million barrels per day. This was reported by the relevant ministry following the results of the ministerial meeting of the countries participating in the agreement. Each month production will increase by an average of 16,000 barrels per day.
Translation by Assem Zhanmukhanova
Editing by Galiya Khassenkhanova