Kazakhstan will extend its additional voluntary oil production cut by 82,000 barrels per day for the second quarter of 2024. This decision is made in coordination with some OPEC+ member countries, the Ministry of Energy of Kazakhstan reports.
This means that by the end of June 2024, Kazakhstan's daily oil production will be 1,468 barrels. In the future, to maintain market stability, these additional production volumes will gradually be reintroduced depending on market conditions.
"This voluntary reduction supplements the earlier voluntary cut of 78 000 barrels per day, announced by Kazakhstan in April 2023, which will continue until the end of December 2024. This additional voluntary cut is intended to reinforce the precautionary measures taken by OPEC+ countries to support the stability and balance of the oil markets," stated the press service of the Ministry of Energy of Kazakhstan.
In April 2023, Kazakhstan and other OPEC+ countries committed to voluntarily reducing production by 78 000 barrels per day. This restriction was in effect from May to December 2023. By the end of March, subsoil users will need to reduce production volumes by 82 000 barrels per day.
Kazakhstan had to adjust the forecast for hydrocarbon extraction by 1.5–2 million tons due to interruptions in the operation of the Mangistau Nuclear Energy Plant (MAEK). Accidents in July and August 2023, which temporarily left the Atyrau and Mangistau regions without power supply, also slowed down the activities of the oil industry in Kazakhstan.
CentralasianLIGHT.org
March 4, 2024