6 Dec 2023 17:32

Kazakhstan to cut oil output from Jan 2024 to prevent oil market volatility - ministry

ASTANA. Dec 6 (Interfax) - Kazakhstan intends to reduce oil production from January 2024 to prevent uncertainty and volatility in the market, the country's Energy Ministry said.

"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 ministry said earlier it and major oil companies had started to negotiate reduction in oil production for 2024 in line with the country's new commitments to OPEC+ for the upcoming year.

"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, told Interfax.

He said Kazakhstan aimed to meet its obligations set during the recent OPEC+ meetings held on November 30. "Our commitment involves reducing production by 1.468 million barrels per day in the first quarter of 2024," Ilyasov said.

Kazakhstan earlier announced an additional voluntary reduction in oil production by 82,000 bpd from January to March 2024, which builds on the country's prior voluntary cut of 78,000 bpd until December 2024.