Kazakhstan not going to change oil production outlook for 2024 — minister

Kazakh authorities do not plan to revise the oil production forecast for this year in view of assumed commitments on production cuts within the OPEC+ agreement framework, Energy Minister of Kazakhstan Almassadam Satkaliyev said at a briefing, Azernews reports, citing TASS.

"The forecast will not be changed. Voluntary commitments [within the OPEC+ framework] will be effective during the first and the second quarters, in conclusion of which we will look at the price situation in oil markets and the evolving balance of supply and demand. We have the option in general to compensate these volumes in the next period," Satkaliyev said.

The Energy Ministry of Kazakhstan reported earlier that the forecast of oil production in the country stands at 90.3 mln metric tons as of the end of this year.

In March 2024, several OPEC+ countries announced the extension of measures for additional voluntary reduction of oil production initially slated for the first quarter. Kazakhstan also extended the additional voluntary oil production cut for the second quarter.