Kazakhstan to voluntarily cut oil output



Kazakhstan, together with other OPEC+ countries, will voluntarily trim its oil output by 78,000 barrels per day (bpd), starting May though the end of 2023, the country’s energy ministry said on Sunday.

“Kazakhstan will implement a voluntary cut of 78 kbd barrels per day from May till the end of 2023 in coordination with other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation,” the statement read.

This voluntary cut is a precautionary measure in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, the ministry said.