Kazakhstan to cut oil production by 78 thousand bpd from May to the end of 2023
Kazakhstan together with other OPEC+ countries intends to further reduce oil production by 78 thousand bpd from May until the end of this year. This is reported by RT with reference to the press service of the Ministry of Energy of the country.
It is noted that this is a precautionary measure in addition to the decision to reduce production, which was adopted at the 33rd OPEC+ ministerial meeting on October 5, 2022.
Also, according to Russian Deputy Prime Minister Alexander Novak, the country is extending the voluntary reduction of oil production by 500,000 bpd from February's average production until the end of 2023.
It was earlier reported that in the first two months of 2023, Russia's gas production fell 9.5 percent year-on-year to 119.4 billion cubic metres, with the bulk of the decline coming from Gazprom, whose supplies to Europe fell sharply.