Kazakhstan to cut oil production by 82,000 barrels per day

On November 30, the 51st meeting of the JMMC Joint Ministerial Monitoring Committee and the 36th OPEC+ Ministerial Meeting were held in the format of a video conference, El.kz reports with reference to the Ministry of Energy of the Republic of Kazakhstan.

Kazakhstan was represented at the meeting by the Minister of Energy of the Republic of Kazakhstan Almasadam Satkaliyev.

The meeting discussed the fulfillment by the countries of their obligations under the Agreement in September-October 2023 and the current situation in the oil market.

Kazakhstan has adopted an additional voluntary reduction of 82 thousand barrels per day from January 1, 2024 to the end of March 2024 together with OPEC+ member countries. Thus, production in Kazakhstan will amount to 1,468 thousand barrels per day until the end of March 2024. Subsequently, in order to maintain market stability, these additional reduced volumes will be gradually restored depending on market conditions.

This voluntary reduction is in addition to the voluntary reduction of 78 thousand barrels per day previously adopted by Kazakhstan in April 2023, which will last until the end of December 2024.

This additional voluntary reduction is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain the stability and balance of the oil market.

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