Kazakhstan to increase oil production by 10,000 barrels daily under new OPEC+ quotas

OPEC+ countries have agreed to increase oil production by 188,000 barrels per day as they begin to phase out additional voluntary cuts implemented in April 2023. The decision was made during a videoconference meeting on July 5, attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The participants reaffirmed their commitment to maintaining stability in the global oil market. Following the meeting, Kazakhstan is set to increase its oil production by 10,000 barrels per day in August. This adjustment will bring the country's required production level to 1.618 million barrels per day.

OPEC+ stressed that future production increases will be contingent on the global market's situation. The group reserves the right to accelerate, pause, or reduce output if necessary. The alliance also confirmed its intention to compensate for any previously recorded overproduction.

This marks the second consecutive month OPEC+ has decided to boost production. In early June, seven alliance members, including Kazakhstan, had already agreed to raise output by 188,000 barrels per day starting in July, citing stable market conditions and the need for market stability. The next OPEC+ meeting is scheduled for August 2.