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Kazakhstan supports OPEC+ oil production hikes
['Williams Agyapong']
The Ghana Report
Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday.
“The president has emphasized Kazakhstan’s support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais.
OPEC+ producers including Kazakhstan are meeting on October 5 to decide production levels for November.
Despite the production hike from OPEC+, oil prices have not collapsed, with Brent prices trading closer to $70 than to $65 per barrel in recent weeks.
Kazakhstan has raised production this year from expansion projects involving international majors such as Chevron.