Kazakhstan Extends Voluntary Oil Production Cut for Second Quarter of 2024

ASTANA — Kazakhstan has announced an extension of its additional voluntary production cut of 82,000 barrels per day into the second quarter of 2024 on March 3, reported the Kazakh Ministry of Energy. This decision is coordinated with the Organization of the Petroleum Exporting Countries+ (OPEC+) participating countries.

Photo credit:gov.kz

As per the agreement, Kazakhstan will maintain its reduced production levels of 1.4 million barrels per day until the conclusion of June 2024. Following this period, the gradual return of these additional cut volumes will be contingent upon market conditions.

This extension builds upon the voluntary cut of 78,000 barrels per day, initially implemented by Kazakhstan in April 2023. The extension of this prior reduction remains in effect until the end of December 2024.

The decision to implement these additional voluntary cuts aligns with the collective efforts of OPEC+ countries to bolster stability and balance within the oil markets. 

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