Kazakhstan fulfilled OPEC+ oil output cut deal by 98% in November - Sputnik
|Kazakhstan produced 1.404 million barrels per day (bpd) of oil in November, complying with the OPEC and its allies (OPEC+) output cuts deal by 98%, Sputnik reported, citing the Energy Ministry.
"In November 2020, according to preliminary data, oil production without condensate amounted to 1.404 million barrel per day. The level of compliance has thus reached 98 percent, the Ministry statement read.
Last week, Kazakh Energy Minister Nurlan Nogayev participated in the OPEC+ meeting and said the agreement positively impacts the global oil industry, maintains demand and supply balances and stabilizes the oil and oil products market.
Market reaction
WTI consolidates the surge to nine-month tops of $47.74, now trading flat around $46.80.
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