Along with other OPEC+ countries, Kazakhstan will further reduce the production of oil by 78,000 barrels per day starting this May, QazMonitor reports citing the ministry of energy.
The authorities said the cuts come as a preventive measure in addition to the production cuts adopted at the 33rd OPEC and non-OPEC ministerial meeting in Vienna on October 5, 2022.
The Organization of the Petroleum Exporting Countries (OPEC) is an organization established by the leading oil-producing countries to collectively influence the global market and maximize profit. Kazakhstan is among the non-OPEC countries that participate in the organization's initiatives, such as voluntary supply cuts to further bind political objectives between OPEC and non-OPEC members.
