OPEC+ countries maintain current plan for oil production
OPEC+ countries have left unchanged the oil production cut by two million barrels per day agreed upon in October. It is also noted that the participants confirm their willingness to hold meetings at any time and to take the necessary additional measures in response to the market situation in order to maintain the balance of supply and demand. The next meeting of the alliance is scheduled for June 4, 2023, according to the OPEC website. It bears noting that global oil production has continuously been cut since May 2020. The production of oil has been reduced by 9.7 million barrels per day since then. This has also been affected by the COVID-19 pandemic. From August 2022, the alliance moved to the final stage to come out from these cuts, but since November, it has reduced production again by two million bpd. As for Kazakhstan, the country is reducing about 78,000 bpd under the current deal. According to the Energy Ministry, Kazakhstan intends to produce more than 92 million tonnes in 2023.