Kazakhstan Prolongs Oil Output Cuts Until 2024

ASTANA – Kazakhstan has reaffirmed its commitment to the agreement on oil output cuts by 78,000 barrels per day till the end of 2024 following the latest agreement reached by the Organization of Petroleum Exporting Countries (OPEC). This was announced at the 49th meeting of the Joint Ministerial Monitoring Committee (JMMC) on Aug. 4, reported the Energy Ministry’s press service.

Photo credit: Anadolu Agency.

OPEC member countries recognized the importance of complying with the obligations fulfilled under the agreement in May-June, noting the current situation in the oil market.

JMMC members agreed to continue monitoring market conditions to respond to market changes and be ready to take the necessary measures, relying on the solidarity of the participating countries.

The JMMC expressed support and gratitude for Saudi Arabia’s efforts to maintain the stability of the oil market, for an additional voluntary reduction by one million barrels per day, and for extending it until September.

The committee also thanked Russia for an additional voluntary reduction in oil exports by 300,000 barrels per day in September.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!