Kazakhstan has committed to an additional voluntary reduction of 82 thousand barrels per day from January 1, 2024, until the end of March 2024, jointly with the OPEC+ member countries as part of the agreements reached during the 36th OPEC+ ministerial meeting held in a video conference format.
Thus, Kazakhstan's oil production will amount to 1,468 thousand barrels per day until the end of March 2024. Subsequently, to maintain market stability, these additional reduced volumes will gradually be restored depending on market conditions.
This voluntary reduction is an addition to the voluntary reduction of 78 thousand barrels per day, previously adopted by Kazakhstan in April 2023, which will continue until the end of December 2024. It aims to strengthen precautionary measures taken by OPEC+ countries to maintain stability and balance in the oil market.
CentralasianLIGHT.org,
December 7, 2023