Kazakhstan will reduce oil production by 390,000 barrels per day for a period of two months under the OPEC + agreement, the country’s Energy Ministry said on April 13.

“This is one of the largest collective cuts in oil production in the history of the global oil industry. Kazakhstan, in turn, supported the deal, committing itself to reduce production by 390,000 barrels per day,” the ministry said. “If the OPEC+ transaction was not concluded, oil-producing countries would in any case have reduced production, because all market players face the problem of overstocking warehouses and storage facilities, as well as lack of demand, since now there is an oversupply of oil in the world,” Kazakhstan’s Energy Ministry said.