Oil Majors Asked to Cut Production to Meet OPEC+ Quotas: Kazak Minister

Kazakhstan is producing oil above its OPEC+ quotas and has tasked oil majors to cut production, Energy Minister Almassadam Satkaliyev said on Friday. Kazakhstan is currently producing at a record high, and well above its target.

OPEC+ - consisting of OPEC countries and allies including Russia and Kazakhstan - decided on Monday to increase output for the first time since 2022. It said its decision took into account healthy market fundamentals and a positive market outlook, without mentioning Kazakhstan.