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Investing.com -- Eight OPEC+ nations are set to meet on Thursday to discuss ways to persuade Kazakhstan to adhere to its output quota and compensate for overproduction. This comes as the group is gradually increasing its oil production, according to Reuters, citing two delegates who chose to remain anonymous due to the sensitivity of the situation.
Kazakhstan’s record oil output has caused dissatisfaction among several OPEC+ members, including Saudi Arabia, the group’s leading producer. OPEC+ is encouraging Kazakhstan, among other members, to make additional cuts to offset its surplus production.
The main purpose of the meeting on Thursday is to emphasize to Erlan Akkenzhenov, the newly appointed Kazakh energy minister, the importance of meeting his nation’s production quota and compensating for the excess, one delegate revealed.
Eight OPEC+ members, including the Organization of the Petroleum Exporting Countries and allies led by Russia, plan to increase oil output by 135,000 barrels per day in May. This plan is set to proceed, according to sources who spoke on Wednesday, echoing similar statements from other OPEC+ delegates on Tuesday.
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