OILU - OPEC+ 'Cuts' Apply To Mature Fields In Kazakhstan And Azerbaijan
In the “Declaration of Cooperation,” OPEC and non-OPEC oil producing countries made a commitment to adjust their respective oil production levels, either voluntarily or through “managed decline.”
Two non-OPEC members of the OPEC+ petroleum regulation club are reducing production through the “natural decline” of mature fields, making the “cuts” easier to achieve. In the case of Azerbaijan, crude production peaked years ago and so it has even “overcomplied” because it could not maintain production. In the case of Kazakhstan, its cuts only apply to older fields, and its new fields, which are increasing