Kazakhstan Intends to Reduce Oil Production From January 2024
According to the statement of the Republic’s Ministry of Energy, the country’s obligations under OPEC+ in the first quarter of 2024 will amount to 1.468 million barrels per day.
Kazakhstan intends to reduce oil production starting in January 2024 as a contribution to preventing uncertainty in the oil market. This was reported by the press service of the Republic’s Ministry of Energy.
“Kazakhstan intends to reduce oil production starting in January 2024 as its contribution to preventing uncertainty and volatility in the oil market. Kazakhstan intends to fulfill its obligations adopted following the results of the recent OPEC+ meetings held on November 30. Our obligations in the first quarter of 2024 will amount to 1.468 million barrels per day,” the statement said.
The press service explained that the ministry has begun negotiations with shareholders of large oil producing companies on reducing oil production. “Acceptable options and reduction volumes are being considered,” the department noted.
Oil production in Kazakhstan in January – October amounted to 74.8 million tons. At the end of 2022, oil and condensate production in the republic amounted to 84.2 million tons.
