The Ministry of Energy of Kazakhstan confirmed the country’s commitment to reduce oil production
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The Ministry of Energy of Kazakhstan confirmed the country’s intention to reduce oil production from January 2024 within the framework of the OPEC+ agreement by another 82 thousand barrels per day (b/d). These measures should prevent uncertainty and volatility in the market, the Ministry of Energy said.
The agency has begun negotiations with large oil producing companies to reduce oil production, reports Interfax. Adviser to the head of the Ministry of Energy of Kazakhstan, Shyngys Ilyasov, said that “acceptable options and volumes of production reductions” are being discussed.
November 30th press service The ministry reported that Kazakhstan has committed to reduce oil production by 82 thousand bpd from January 1, 2024. “Thus, production in Kazakhstan will amount to 1,468 thousand barrels per day until the end of March 2024,” the statement says.
This voluntary reduction complements the cap on oil production in Kazakhstan introduced in April. Then the country reduced production by 78 thousand bpd until December 2024.
The day before Russia confirmed readiness reduce the volume of exports of oil and petroleum products by 500 thousand bpd from January 2024. Deputy Prime Minister of the Russian Government Alexander Novak noted that if restrictions are not enough, OPEC+ countries are ready to take additional actions to eliminate speculation and limit volatility in the world market.
Read more about obligations to reduce oil production in the material “Less is better”.
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