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Kazakhstan to curb oil output, following OPEC decision

Kazakhstan Materials 30 November 2023 22:52 (UTC +04:00)
Kazakhstan to curb oil output, following OPEC decision
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, November 30. Kazakhstan has agreed to cut its oil production by additional 82,000 b/d, Trend reports.

On Thursday, OPEC+ oil producers reached a consensus on implementing voluntary production cuts nearing 2 mb/d for the beginning of next year, with Saudi Arabia maintaining its existing voluntary cut.

At the same time, previously, OPEC predicted liquids supply in Kazakhstan to grow by 0.1 mb/d to an average of 1.9 mb/d in 2023. Looking ahead to 2024, the forecast anticipates a growth of about 80,000 b/d in liquids supply, averaging 2 mb/d.

Meanwhile, in 2023, Kazakhstan aims to produce 90.5 million tons of oil, with an export plan of 71 million tons. Comparatively, the country's oil production stood at 85.9 million tons at the close of 2021 and 85.7 million tons in 2020.

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