OPEC+ Imposes New Output Cuts to Compensate for Overproduction
Photo: Kandinsky AI generated.
OPEC+ has announced new oil production cuts for Kazakhstan and other members to offset recent quota violations, Orda.kz reports, citing Reuters.
Under the updated schedule, participating countries will reduce output by 189,000 to 435,000 barrels daily through June 2026. The bulk of the cuts will fall on Iraq, followed by Kazakhstan and Russia.
In February, Kazakh oil output reached 1.767 million barrels per day — well above the OPEC+ quota of 1.468 million.
Despite plans to ramp up output from April, OPEC+ introduced new limits to stabilize the market.
The decision may influence global oil prices.
Original Author: Zarina Fayzulina
Latest news
- Part of Shymkent’s 3-Billion-Tenge Dam Destroyed One Month After Completion
- Putin to Visit Kazakhstan in Late May at Tokayev’s Invitation
- Clean Air for Almaty: Coal Power to Be Moved to Pavlodar Region
- Burger King Employee With Autism Allegedly Pressured to Resign After Management Change
- Bagdat Musin Explains Why KazLLM Is Not «Kazakhstan’s ChatGPT»
- Military Convoys in Three Kazakh Cities — What the Defense Ministry Says
- Kazakhstan Takes Two Golds at Artistic Swimming World Cup Stage in Medellín
- 2,500 Participants from 22 Countries: Almaty Opens the Running Season
- Snow and Frost: Weather Forecast for February 15
- Tokayev congratulates Serbia’s President Vucic on Statehood Day
- Mikhail Shaidorov Wins Kazakhstan’s First Winter Olympic Gold Since 1994
- Indian Crested Porcupines Spotted by Camera Trap in Ile-Alatau National Park
- Kazakhstan’s Air Pollution Isn’t Driven by Factories — Ministry of Ecology
- How the US Views Kazakhstan’s Constitutional Reform and Free Speech
- US Ambassador to Kazakhstan: Visa Restrictions for Kazakhstanis Are a Temporary Measure
- China-to-Russia Shipments Are Increasingly Bypassing Kazakhstan
- Shokan Ualikhanov Private School Reclassified as Large Business After Staff Tops 250
- Former Priest Yakov Vorontsov Reportedly Detained in Kazakhstan
- Kazakhstan Proposes Differentiated Toll Rates for Transit Foreign Drivers
- World Bank Ready to Provide Kazakhstan Up to $1 Billion a Year for Six Years
