Kazakhstan, along with other OPEC+
countries, has again agreed to extend the oil production cut. This decision was
made during the 38th ministerial meeting. According to the relevant ministry of
the country, the meeting participants reaffirmed their commitment to the
principles of the Agreement. The Cartel, which produces over 40 percent of the
world’s oil, decided to extend the agreement to cut production by 2.2 million
barrels per day until the end of March 2025 and maintain a production cap of 1.65
million barrels per day until the end of December 2026. Since last year, eight
OPEC+ member countries have voluntarily reduced their oil production beyond the
agreed-upon levels.
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