Kazakhstan will extend the voluntary reduction of oil production throughout 2024, QazMonitor reports citing the press service of the Kazakh ministry of energy.
"Kazakhstan will extend its voluntary reduction by 78,000 BPD until the end of December 2024 as a precautionary measure in coordination with member countries in the OPEC+ agreement, which previously announced voluntary reductions in April," the statement reads.
It is clarified that the voluntary reductions will be carried out compared to the required production level agreed upon at the 35th OPEC+ ministries meeting on June 4, 2023.
To recap, on October 5 2022, it was reported that the total volume of OPEC+ countries' oil production was decided to decrease by 2 million barrels per day starting from November 2022 (compared to the agreed quotas for August). OPEC noted that the decision was taken "in light of the uncertainty associated with the global economy and oil market prospects, as well as the need to improve long-term forecasts for the oil market.”
At the same time, the alliance adjusted the frequency of meetings - it was decided that the Joint Ministerial Monitoring Committee (JMMC) would hold them every two months instead of once a month. Ministerial meetings of OPEC and non-OPEC countries will be held every six months.