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Kazakhstan To Cut Output To Prevent Uncertainty, Volatility in Oil Markets

OIL

Kazakhstan intends to reduce its oil output by an additional 82kbpd in the first quarter of next year, in addition to prior voluntary cuts of 78kbpd that run until December 2024, the Energy Ministry said, cited by Interfax.

  • "Kazakhstan intends to reduce oil production starting in January 2024 as its contribution to preventing uncertainty and volatility in the oil market," it said.
  • The energy ministry and oil companies had started to negotiate the reduction in oil output, in line with its pledged OPEC cuts.
  • "The ministry has started talks with major shareholders of large oil-producing companies regarding a reduction in oil production. Acceptable options and the extent of reduction are currently under consideration," Shyngys Ilyasov, adviser to the country's energy minister said.
Energy BulletsCommodities
Energy BulletsCommodities

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