Kazakhstan plans to cut oil production starting next month along with other OPEC+ countries, the Kazakh Ministry of Energy reports. The country announced voluntary cuts to its oil production of 78,000 barrels per day from May. The ministry noted that this reduction is a precautionary measure along with the production cuts adopted at the 33rd OPEC and non-OPEC Ministerial Meeting held in October 2022. The alliance member countries agreed then to cut oil production by two million barrels per day and adjusted the frequency of meetings. They will now be held not once a month, but every two months. The next meeting is scheduled for June 4 this year.
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