Kazakhstan Commits to Prolonged Oil Output Cuts Until 2024

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Kazakhstan will continue cutting oil output by 78,000 barrels per day through the end of 2024, following the latest agreement reached by the Organization of Petroleum Exporting Countries (OPEC) on June 4, announced by the Ministry of Energy. 

During the 35th OPEC and OPEC+ ministerial meeting in Vienna, participating countries, including Kazakhstan, decided to extend oil output restrictions through 2024, reaching 40.4 million barrels per day, 1.4 million barrels less than presently.  

The voluntary reduction will continue until December 2024 to achieve and sustain market stability and ensure long-term predictability. 

Saudi Arabia, the world’s largest oil producer, will cut its oil production by one million barrels per day starting in July, on top of its previous production cut of 500,000 barrels per day announced in April.

The next OPEC+ ministerial meeting will take place on Nov. 26 in Vienna.

Source: Astana Times