Kazakhstan’s OilMin: Considering further output cuts proposed by OPEC+

Dhwani Mehta FXStreet

Kazakhstan is mulling over a proposal set out by the technical committee of a global oil producers’ pact to further cut its output by 20,000-30,000 barrels per day (bpd), Kazakhstan Energy Minister Nurlan Nogayev said on Tuesday.

He added that the OPEC and its allies (OPEC+) would meet either in late February or in early March to discuss their further actions.

Oil bulls remain in control

The above comments bolster the expectations of further OPEC+ supply cuts, collaborating with the bullish momentum seen in oil prices so far this Tuesday.

WTI jumps 1.30% to $50.25 while Brent rallies 1.50% to regain the 54 handle, at the time of writing.

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Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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