ASTANA – Kazakhstan’s Organization of Petroleum Exporting Countries (OPEC+) quota will total 1.486 million barrels per day in May, OPEC+ press service reported following an April 3 meeting of the eight OPEC+ countries.
Photo credit: Kazakh Ministry of Energy
Kazakhstan, alongside Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Algeria, and Oman, previously announced additional voluntary adjustments in April and November 2023.
They will implement a production adjustment of 411,000 barrels per day, equivalent to three monthly increments.
“The gradual increases may be paused or reversed subject to evolving market conditions,” reads the statement.
The countries reaffirmed their commitment to the voluntary production adjustments, confirmed their intention to fully compensate for any overproduced volume from January 2024, and plans to submit updated front-loaded compensation plans to the OPEC Secretariat by mid-April.
