Kazakhstan is going to support the idea of increasing oil prices further during the upcoming meeting of OPEC+, according to the Interfax news agency citing Magzum Mirzagaliyev, an energy minister in Kazakhstan.
The minister noted that many other oil producers hold the same opinion as Kazakhstan does.
«Given the soaring oil prices as well as the fact that supply and demand are now quite balanced, oil production must be increased. Kazakhstan holds this opinion as many other producers,» said Mirzagaliyev.
In September 2021, OPEC+ member states cut their oil production by 115% while the initial plan of the organization was just 15%. Even those countries which aren’t OPEC+ members had cut their oil output by 114%.
The cartel’s quota for oil production in Kazakhstan in September was 1.5 million barrels per day and now this figure is going to add 16,000 barrels per day each month.
OPEC+ is going to increase oil output by six million barrels per day by 2030. Iraq, Iran, and Kuwait will account for about 40% of this growth.