Kazakhstan to extend additional voluntary cut in coordination with OPEC+
Kazakhstan will extend its additional voluntary cut of 82 thousand barrels per day, for the second quarter of 2024, in coordination with some OPEC+ participating countries. Therefore, Kazakhstan’s production will be 1,468 million barrels per day until the end of June 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions, Kazinform News Agency has learnt from the Ministry of Energy of the Republic of Kazakhstan.
This voluntary cut is in addition to the voluntary cut of 78 thousand barrels per day previously announced by the Kazakhstan in April 2023, which extends until the end of December 2024.
This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.