Kazakhstan has informed OPEC that it does not intend to reduce its oil production, Russia's Interfax news agency cited Kazakhstan's Deputy Energy Minister Alibek Zhamauov as saying on Thursday. "We have already told OPEC that we are not going to cut back and we will produce at our capacity,

ASTANA – Kazakhstan, along with seven other OPEC+ countries – Algeria, Iraq, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates (UAE) – participated in a virtual meeting on May 31 to review global oil market conditions and reaffirm their commitment to market stability amid steady economic outlook and healthy fundamentals.

Oil prices jumped more than 3% on Monday as OPEC+ agreed to raise production by the same amount in July as in the previous two months.