Kazakhstan May Reduce Oil Production In 2024 After OPEC+ Adjustments - Energy Minister

ASTANA (UrduPoint News / Sputnik - 09th June, 2023) Kazakhstan may reduce its oil production in 2024 due to the OPEC+ decision to extend oil production cuts until the end of next year, Kazakh Energy Minister Almassadam Satkaliyev said on Friday.

"We will return to this issue next year, depending on the need for reduction. If necessary, we will reduce (the oil production)," Satkaliyev told reporters.

The minister did not specify the volumes of expected oil production in Kazakhstan in 2024.

This past Sunday, the Kazakh Energy Ministry said that the country would voluntarily extend oil production cuts at the level of 78,000 barrels per day until the end of 2024.

Saudi Arabia, Russia and several other oil producers from the 10-nation OPEC and its non-member partners, known as OPEC+, announced in April that they would voluntarily take a total of 1.

16 million barrels of crude oil per day off the market from May to December 2023 in a bid to prop up prices.

At last week's meeting, OPEC+ agreed to adjust their cumulative production to 40.46 million barrels per day from January-December 2024. Russia said it would extend its voluntary production cut of 500,000 barrels per day to the end of 2024, while Saudi Arabia said it would make an additional cut of 1 million barrels per day from July, on top of a 500,000-barrel cut that was also extended to December 2024.