Results of the 51st meeting of the Joint Ministerial Monitoring Committee and the 36th OPEC and Non-OPEC Ministerial Meeting

Today, on November 30, the 51st meeting of the Joint Ministerial Monitoring Committee and the 36th OPEC and Non-OPEC Ministerial Meeting took place vie videoconference.

 

Kazakhstan was represented by the Minister of Energy of the Republic of Kazakhstan Almassadam Satkaliyev.

 

Participants discussed the fulfillment of obligations in September-October 2023 and the current situation on the oil market.

 

Kazakhstan will implement an additional voluntary cut of 82 thousand barrels per day starting 1st of January 2024 until the end of March 2024, in coordination with OPEC+ participating countries. Therefore, Kazakhstan’s production will be 1,468 thousand barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.

 

This voluntary cut is in addition to the voluntary cut of 78 thousand barrels per day previously announced by Kazakhstan in April 2023, which extends until the end of December 2024.

 

This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.