Kazakhstan will voluntarily
reduce oil production by another 82,000 barrels per day. This decision was made
at the OPEC and non-OPEC Ministerial Meeting, as reported by the country’s Ministry
of Energy. Thus, Kazakhstan’s production will amount to 1.468 million barrels
per day from January 1 to the end of March 2024. Subsequently, the additional
reduced volumes will gradually be restored to maintain the stability of the oil
market, depending on market conditions. It is worth reminding that in April
this year, Kazakhstan decided to cut oil production by 78,000 barrels per day,
which will last until late December next year.
