Kazakhstan continues consultations on further voluntary oil output cut - Ministry of Energy

ALMATY. KAZINFORM Kazakhstan together with oil producing companies continues monitoring observance of its commitments under the OPEC+ agreement and consultations on further reduction of oil production, Kazinform learned from the Ministry of Energy press service.

According to the Ministry, oil production has recently declined in Kazakhstan due to various reasons, including accidents at the energy sources, as well as current and expected turnaround maintenance at the oil fields, which generally contributes to the implementation of the Republic's intentions to comply with its obligations under the OPEC+ Agreement.

«At the same time, the country and oil producing companies continue monitoring the conformity and consultations on further oil production reduction,» a press release reads.

Earlier, the Ministry informed that Kazakhstan would extend voluntary reduction of oil output by 78,000 barrels per day by the end of 2024 as a preventive measure with the approval of the OPEC+ member countries, which announced voluntary oil output cut in April.

In July, Saudi Arabia took a decision to extend its voluntary oil output cut by 1mln barrels per day for another month to include August.

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