ASTANA (Pakistan Point News / Sputnik - 05th June, 2023) Kazakhstan will extend the voluntary reduction in oil production at the level of 78,000 barrels per day until the end of 2024, the Kazakh Energy Ministry said on Sunday.
"Kazakhstan will extend its voluntary cut of 78,000 barrels per day until the end of December 2024 as a precautionary measure in coordination with countries participating in the OPEC+ agreement that previously announced voluntary cuts in April," the ministry said.
Saudi Arabia, Russia and several other oil producers from the 10-nation OPEC and its non-member partners, called OPEC+, announced in April that they would voluntarily take a total 1.16 million barrels of crude per day off the market over May-December 2023 in a bid to prop up prices.
OPEC+ agreed at the meeting on Sunday to adjust their cumulative production to 40.46 million barrels per day over January-December 2024. Russia said it would extend its voluntary production cut of 500,000 barrels per day until the end of 2024, while Saudi Arabia said it would make an extra 1 million cut to its daily production from July, on top of a 500,000 cut that was likewise extended through December 2024.
