TYUMEN, September 15. /TASS/. The deficit on the oil market is possible as the global economy withdraws from the pandemic-related restrictions, though OPEC+ countries are able to cover it, Vice Energy Minister of the Republic of Kazakhstan Murat Zhurebekov told TASS on the sidelines of the Tyumen Oil and Gas Forum.
"The decision that we took at OPEC+, is balanced," he said when commenting on the situation on the oil market, adding that the member states of the alliance have monthly meetings and can make a decision in line with the current situation at any moment.
"A certain deficit of market supply is possible due to the fact the global economy is gradually recovering after the pandemic. But OPEC+ has quite a stock of strength, which we can gradually put on the market to prevent a disbalance," Zhurebekov said.
Meanwhile, Kazakhstan may produce 85.5-86 mln tonnes of oil in 2021, he said, adding though that the plan is being revised due to the OPEC+ decision to increase output by 400,000 barrels per day each month. "So far, we project 85.5-86 mln tonnes of oil, though I should repeat that everything will depend on how fast our companies get to the [increased] production level," vice minister said.