Kazakhstan and other OPEC+ countries begin voluntary oil output cuts
Kazakhstan, along with other OPEC+ countries, has started a voluntary reduction of oil production. As previously reported by the country's Energy Ministry, the reduction will be in effect from May until the end of the year. Kazakhstan will be reducing its oil production levels by 78,000 bpd, and eight other OPEC+ member states, including Saudi Arabia, Iraq, UAE, Kuwait, Algeria, Oman, Gabon, and Russia, have also announced further oil output cuts. As per the agreements, the total oil output downfall will amount to 1.6 million bpd. It is worth noting that the voluntary reduction of output came as an additional step to the agreements to collectively reduce oil output by two million bpd that came into effect in November 2022 and came as part of the OPEC + deal.