Kazakhstan to cut daily output by 390,000 barrels

Within the OPEC+ format, Kazakhstan is planning to reduce the daily production by 390,000 barrels in May-June, Report informs, citing foreign media.

Yesterday, OPEC and non-OPEC countries confirmed the ‘Declaration of Cooperation’ on output cut at the 10th meeting held through video conferencing.

According to the latest amendment in the ‘Declaration of Cooperation,’ the quotas for OPEC+ countries are set at 9.7 million barrels in May-June, 7.7 million barrels from July 1 until the end of 2020, and 5.8 million barrels from January 2021 to April 2022.