Kazakhstan’s Ministry of Energy has announced that it will voluntarily reduce its oil production by 78 thousand barrels per day, until the end of 2023.
Kazakhstan will voluntarily reduce the amount of 78 thousand barrels per day (bpd) until the end of next year 2024 as a precaution in coordination with the countries participating in the OPEC + agreement.
The statement added that this voluntary cut would be compared to the required production level agreed at the thirty-fifth OPEC + ministerial meeting on June 4, 2023.
The OPEC + alliance said it had decided to cut its crude oil production by 1.4 million barrels per day (bpd) during 2024 from October 2022 levels.