Kazakhstan to Voluntary Cut Oil Output in First Quarter of 2024

ASTANA – Kazakhstan accepted an additional voluntary reduction of 82,000 barrels per day from Jan. 1 to the end of March 2024 at the 51st meeting of the Joint Ministerial Monitoring Committee and the 36th Organization of the Petroleum Exporting Countries+ (OPEC+) Ministerial Meeting on Nov. 30, reported the Kazakh Energy Ministry.

Photo credit: pixabay.com.

The decision will bring Kazakhstan’s oil production down to 1,468 barrels per day during this period. Subsequently, these reduced volumes will be reinstated based on market conditions to uphold market stability.

This supplementary voluntary reduction follows the voluntary reduction of 78,000 barrels per day previously adopted by Kazakhstan in April, which will remain in effect until the end of December next year.

This measure aims to strengthen the preventive measures taken by OPEC+ countries to maintain stability and balance in the oil market.

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