Brent oil price may increase to $40 a barrel in 2020, Deputy Minister of Energy of Kazakhstan Aset Magaulov said Monday, Report informs, citing Interfax.
According to him, Brent crude price will be $30-35 a barrel in the third quarter if all necessary measures are taken to cut output and restore the demand.
He also noted that OPEC+ countries might reduce the output below 18% of October 2018.
According to him, OPEC+ decided to cut the output by 23% in May-June.
The Deputy Minister noted that more precise decisions and forecasts would be made in June.
Reduction in daily output by 390 BPD from 1.709 million b/d to in October 2018 will lead to the production in Kazakhstan to make up 1.319 million b/d.