Kazakhstan will extend its voluntary oil production cut of 78,000 barrels per day (bpd) for another year up to the end of 2024, according to a statement by the country's energy ministry on Monday.
The announcement is in line with the decision of the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, which agreed on Sunday to not only maintain this year's output limits but further extend them until December 2024.
Saudi Arabia surprised markets with an additional voluntary production cut of around 1 million bpd in July. The country said its one-month output reduction could also be extended.
The OPEC+ group's announcement came following its decision in April to implement a collective output cut of around 1.6 million bpd on top of its earlier cut of around 2 million bpd.
By Duygu Alhan