Wednesday, July 8, 2020

Kazakhstan and Azerbaijan cut oil production

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Oil refinery in Kazakhstan

The restrictions on oil production are initially only to apply to the months of May and June.

(Photo: Reuters)

Baku, Nursultan Following the agreement of the Opec oil cartel and its cooperation partners, the countries of Kazakhstan and Azerbaijan have announced that they will reduce their production volumes. The process started as agreed on May 1, the energy ministry in Baku in resource-rich Azerbaijan said on Friday.

The reduction quotas should be divided proportionately between the oil producers in the ex-Soviet republic. According to Nursultan, there is also a precise regulation for the funding limitation in Central Asian Kazakhstan. Here, particularly large deposits are said to be affected by the throttling.

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