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Astana, Kazakhstan • 06 April, 2023 | 13:12
1 min read

Kazakhstan to Cut Oil Production in May

The country will decrease the production by 78,000 B/D

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Getty Images/thaiview
Getty Images/thaiview

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.

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