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

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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