"In recent times, Kazakhstan has witnessed a decline in oil production due to various reasons, including accidents at power sources and ongoing and anticipated planned maintenance work at fields. These factors, overall, contribute to the Republic's commitment to fulfilling its obligations within the framework of the OPEC+ agreement," stated the Ministry of Energy of Kazakhstan.
Kazakhstan, in collaboration with oil-producing companies, continues to monitor compliance and engage in consultations regarding further production reductions, as highlighted in the statement.
In early June, the Ministry of Energy of Kazakhstan had already announced that the country would extend its voluntary oil production cut by 78,000 barrels per day until the end of 2024, as a precautionary measure in coordination with the participating countries of the OPEC+ agreement, who had previously announced voluntary reductions in April.
The reduction will be implemented in comparison to the required production level agreed upon during the 35th OPEC+ Ministerial Meeting on June 4, 2023.
CentralasianLIGHT.org,
July 18, 2023.