Kazakhstan will voluntarily reduce oil production by 78,000 barrels per day starting from May until the end of 2023, together with other OPEC+ member countries.
“This reduction is a precautionary measure in addition to the production reduction adopted at the 33rd OPEC+ ministerial Meeting on October 5, 2022,” the ministry said.
Meanwhile, Saudi Arabia, Iraq, Kuwait and Oman are also reducing oil production by the end of the year.
Saudi Arabia would cut its output by 500,000 barrels per day, the UAE is to cut oil production voluntarily by 144,000 barrels per day, Kuwait announced a cut of 128,000 barrels per day, while Iraq said it would cut output by 211,000 barrels per day, and Oman announced a cut of 40,000 barrels per day. Algeria said it would cut its output by 48,000 barrels per day.
In December last year, the OPEC+ countries decided to maintain the oil production plan agreed at the October meeting, which provides for a reduction in production by 2 million barrels per day. It was reported that the next meeting of the alliance will take place on June 4, 2023.
Source : Azer News