BAKU, Azerbaijan, April 11. Kazakhstan will meet its production plan despite the expected oil production cuts agreed upon as part of the OPEC+ agreement, which will reduce the oil production by 78,000 barrels per day, Trend reports, citing Renaissance Capital.
This reduction amounts to 4.6 percent of the total daily production of Kazakhstan.
Renaissance Capital notes the oil production cuts will amount to 1.16 million barrels per day, an equivalent of roughly 1.14 percent of total global demand
Oil production in Kazakhstan is expected to amount to 90.5 million tons in 2023, with exports reaching 71 million tons. Expected high oil prices are anticipated to positively contribute to the GDP growth of Kazakhstan
Consequently, even if the cuts will be maintained until the end of 2023, the Kazakh economy will not be affected, Renaissance Capital projection suggests.