Kazakhstan to further voluntary oil production cuts by 82,000 b/d

The 51st Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM) took place on November 30 via videoconferencing. Kazakh Energy Minister Almasadam Satkaliyev took part in the meeting, Kazinform News Agency learnt from the ministry’s press service.

Those present debated the current situation in the oil market.

Kazakhstan agreed to further voluntarily cut oil production by 82,000 barrels per day starting from January 1, 2024, till the end of March 2024 jointly with the OPEC+ member states. It will produce 1,468 barrels per day by the close of March next year.

Besides, Saudi Arabia extended voluntary oil cuts by 1 million barrels per day.