Kazakhstan mulls OPEC+ proposal to cut oil production

NUR-SULTAN, Kazakhstan – Kazakhstan is considering a proposal by the technical committee of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers led by Russia, a group known as OPEC + to reduce Kazakh oil production by 20,000-30,000 barrels per day, Kazakh Energy Minister Nurlan Nogayev told reporters on the sidelines of a Cabinet meeting on 11 February.
“We are considering the proposal to make a decision. Our commitment to date is 1.843 million. As part of the proposal we have received, we have to cut about 20,000-30,000 barrels per day,” Nogayev said.
At the end of last year, it was reported that OPEC+ countries, which include Kazakhstan, may be recommended to further reduce oil production by 500,000 barrels at the beginning of 2020.
According to the Kazakh energy minister, the OPEC + ministerial meeting may take place in late February or early March of this year.