On November 30, Kazakhstan accepted an additional voluntary reduction in oil production by 82 thousand barrels per day during the 51st meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 36th OPEC+ Ministerial Meeting, the press service of the Ministry of Energy of the Republic of Kazakhstan reports.
"Today, November 30, the 51st meeting of the JMMC and the 36th OPEC+ Ministerial Meeting was held via videoconference. Kazakhstan was represented by the Minister of Energy, Almasadam Satkaliev. The meeting discussed the fulfillment of obligations by the countries from September to October 2023 under the Agreement and the current situation in the oil market. Kazakhstan adopted an additional voluntary reduction of 82 thousand barrels per day, effective from January 1, 2024, to the end of March 2024, in collaboration with OPEC+ member countries," the Ministry reported.
As a result, production in Kazakhstan will amount to 1,468 thousand barrels per day until the end of March 2024. Subsequently, these additionally reduced volumes will be gradually restored to maintain market stability, depending on market conditions.
It is specified that this voluntary reduction is in addition to the 78 thousand barrels per day voluntarily reduced by Kazakhstan in April 2023, which will last until the end of December 2024.
This additional voluntary reduction in oil production aims to strengthen the precautionary measures taken by OPEC+ countries to maintain stability and balance in the oil market, as explained by the agency.