Russia's oil competitor has decided to cut production
The reason why the republic decided to reduce production was called "preventing uncertainty and volatility in the oil market."
"Kazakhstan intends to fulfill its commitments made following the recent OPEC+ meetings held on November 30. Our obligations in the first quarter of 2024 will amount to 1.468 million barrels per day," the ministry explained.
At the end of November, oil production at the largest fields in Kazakhstan sharply decreased. According to the adviser to the Minister of Energy of the country, Shyngys Ilyasov, the reduction is 56 percent, Ilyasov said, the reason was bad weather conditions and restrictions on fuel intake at the Caspian Pipeline Consortium (CPC).