Lates News

According to reports, Kazakhstan is considering the option of complying with the country's OPEC+ production cut obligations, with Saudi Arabia reiterating the need for quota cheaters to adhere to the regulations. "Kazakhstan has always been committed to the OPEC+ agreement," the country's energy ministry stated. The largest oil-producing country in Central Asia is "considering all possible options to fulfill its commitments." Since OPEC+ decided on May 3 to increase production more than expected, oil prices have seen a decline, leading investment banks including Goldman Sachs to lower their price forecasts. Saudi Arabia, the leader of OPEC, warned at the meeting that members of the organization that are producing in excess should take action, otherwise they will face further production increases.