Kazakhstan and Six Other OPEC+ Countries Support Oil Production Increase

Kazakhstan and six other OPEC+ countries have agreed to continue the gradual phasing out of additional voluntary oil production cuts announced in April 2023. From August, total production will increase by 188,000 barrels per day, Orda.kz reports.

The issue was discussed during an online meeting on July 5 by Kazakhstan, Saudi Arabia, Russia, Iraq, Kuwait, Algeria and Oman.

OPEC+ stressed that further decisions will depend on the situation on the global market. If necessary, the countries will be able to accelerate, pause, or fully or partially restore the current voluntary restrictions, including the measures introduced in November 2023.

The participants also noted that the decision will speed up the fulfillment of obligations to compensate for previously allowed oil overproduction.

In addition, the countries reaffirmed their commitment to the Declaration of Cooperation, including the implementation of additional voluntary production cuts, which are monitored by the Joint Ministerial Monitoring Committee.

The participants also confirmed their intention to fully compensate for any production volumes exceeding the established limits since January 2024.

OPEC+ countries agreed to hold monthly meetings to assess the oil market situation, compliance with the agreement and the fulfillment of compensation obligations. The next meeting will take place on August 2.

Original author: Rimma Karatayeva

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