Kazakhstan to Extend Voluntary Oil Production Cuts

Kazakhstan will extend its voluntary oil production cuts by 82,000 barrels per day in the second quarter of 2024 within the framework of OPEC+, according to the Telegram channel of the Republic's Ministry of Energy.

"Kazakhstan will prolong the voluntary production cut of an additional 82,000 barrels per day in the second quarter of 2024, coordinating with several member countries of OPEC+," the ministry reported.

According to the Ministry of Energy, oil production in Kazakhstan will amount to 1,468,000 barrels per day until the end of June 2024. "Subsequently, in order to maintain market stability, these additional production volumes will gradually return depending on market conditions," the ministry added.

The ministry also noted that this voluntary cut is in addition to the previously announced voluntary reduction of 78,000 barrels per day, which Kazakhstan declared in April 2023. This will last until the end of December 2024.

"This additional voluntary cut aims to strengthen the precautionary measures undertaken by OPEC+ countries to maintain the stability and balance of oil markets," the ministry stated.