Kazakhstan close to deal with Big Oil to cut output 22% - sources [Reuters]
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Source: Reuters
Kazakhstan close to deal with Big Oil to cut output 22% - sources MOSCOW (Reuters) - Kazakhstan is close to a deal with the big international oil companies that operate at its Tengiz and Kashagan oilfields to cut output by 22% from May to help the country meet commitments to a global supply pact, sources familiar with the matter said. OPEC and allies including Russia and Kazakhstan have agreed to a record cut in output to reduce an unprecedented global supply glut as lockdowns to tackle the coronavirus pandemic ravage demand. Kazakhstan has agreed to cut 390,000 barrels per day (bpd) of its output to roughly 1.3 million bpd, the state’s energy ministry has said. The central Asian country plans to reduce its overall oil output by 22-23% from the average level of production in the first quarter, and has asked oil producers to cut output accordingly, two sources familiar with the details said. Tengizchevroil (TCO), which operates the Tengiz field and is led by U.S. oil group Chevron, and
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