ASTANA – Kazakhstan, along with seven other OPEC+ countries – Algeria, Iraq, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates (UAE) – participated in a virtual meeting on May 31 to review global oil market conditions and reaffirm their commitment to market stability amid steady economic outlook and healthy fundamentals.
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The group, which had previously announced additional voluntary production adjustments in April and November 2023, confirmed a gradual and flexible return of the 2.2 million barrels per day cut, as decided on Dec. 5, 2024.
As part of this plan, the eight countries will implement a production increase of 411,000 barrels per day in July from the June level. This adjustment reflects three monthly increments and may be paused or reversed depending on market developments, ensuring continued flexibility and stability.
For July, Kazakhstan’s production quota is set at 1.514 million barrels per day.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
Monthly meetings will be held to assess market conditions, conformity, and compensation status. The next meeting is scheduled for July 6, at which the group will determine production levels for August.
