Kazakhstan hasn’t reached a final decision whether it will join deeper oil output cuts recommended by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC’s Joint Technical Committee (JTC), the country’s energy minister said on Wednesday.
“We got proposals to cut oil production by 20,000 – 30,000 barrels per day,” the minister added. “Oil exports to China are still suspended. We don’t have any plans to resume oil exports to China for now.”
WTI extends rally
Crude oil prices largely ignored these comments. As of writing, the barrel of West Texas Intermediate was trading at $51.05, up 2.25% on the day.
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