Kazakhstan to extend voluntary oil output cut by 82,000 bpd for Q2 2024 under OPEC+ deal - Energy Ministry

ASTANA. March 4 (Interfax) - Kazakhstan will extend an additional voluntary oil output cut by 82,000 bpd for the second quarter of 2024 under the OPEC+ deal, the Kazakh Energy Ministry's press service said.

"Kazakhstan will extend an additional voluntary production cut of 82,000 barrels per day for the second quarter of 2024 in coordination with several OPEC+ member states," the Energy Ministry said in a statement on Sunday.

"The production in Kazakhstan thus will amount to 1.468 million barrels per day until the end of June 2024," the statement said.

"In the future, these additional production volumes will be gradually returned depending on market conditions in order to maintain market stability," it said.

This voluntary reduction is supplemental to the voluntary output cut by 78,000 bpd, which Kazakhstan earlier announced in April 2023, which will last until the end of December 2024, the Kazakh Energy Ministry said.