Oil production to increase up to 400,000 barrels per day

The OPEC+ countries have decided to increase the current level of oil production by 400,000 barrels per day. This decision was made in accordance with the cartel's previous plans, as well as taking into account market conditions and forecasts. The quota for Kazakhstan has also been increased. For example, in January and February it comprises 1.572 and 1.589 million barrels per day, respectively. And for March it will be 1.605 million barrels per day. The next OPEC+ meeting will be held on March 2. It should be noted that on the background of cartel's decision, Brent oil price exceeded US$90 per barrel, updating the maximum for seven years.

Translation and editing by Galiya Khassenkhanova