ASTANA — Kazakhstan will cut oil production output by 78,000 barrels per day from May, following the latest agreement reached by the Organization of Petroleum Exporting Countries (OPEC) on April 2, the Kazakh Energy Ministry reported.
OPEC and other oil producing nations, known as OPEC+, including Kazakhstan, committed to oil output cuts of around 1.16 million barrels per day during their meeting.
Saudi Arabia will cut output by 500,000 barrels per day, while Iraq will reduce production by 211,000 barrels per day.
The United Arab Emirates and Kuwait will cut output by 144,000 and 128,000 barrels per day, respectively, while Algeria will cut its oil production by 48,000 barrels per day and Oman by 40,000 barrels per day.
This reduction is a precautionary measure along with the production cuts adopted at the 33rd OPEC+ Ministerial Meeting in October last year.
The voluntary cuts will last through the end of 2023 with the aim to stabilize the oil market.