By ASTANA. Dec 1 (Interfax) – Kazakhstan’s Energy Ministry has announced an additional voluntary reduction in oil production by 82,000 barrels per day from January 1 to the end of March 2024, as part of a coordinated effort with OPEC+ member countries.
As a result, Kazakhstan’s oil production will be capped at 1.468 million barrels per day until March 2024.
To ensure market stability, these extra reduced volumes will be gradually reintroduced based on market conditions.
This reduction builds upon Kazakhstan’s prior voluntary cut of 78,000 bpd, announced in April 2023 and scheduled to stay in effect until December 2024.
“The objective of this additional voluntary reduction is to reinforce the precautionary steps taken by OPEC+ countries to uphold oil market stability and balance,” the ministry said.
