Upon inauguration, Tokayev proposed renaming the capital Astana "Nur-Sultan" in Nazarbayev's honour -- a change that went into effect almost immediately
The former Soviet republic will offset the overproduction in the summer, the ministry said, when some of the biggest oilfields are set to shut down for maintenance.
Without the production cuts, limited storage capacity could be saturated and the danger of a fall in prices -- currently hovering around $60 per barrel -- is real.
When it comes to what former Soviet countries sometimes refer to as "big football" -- played with 11 players -- the Central Asian country ranks 120th in the world.
Analysts are reviewing their price forecasts to reflect the continued supply restraint by OPEC+ as well as US shale producers, who are holding back spending in order to boost returns to investors.
Oil would have to hit $60 to $65 per barrel to restore US output by 1 million barrels per day while improving investor returns, said Raoul LeBlanc, a vice president at data provider IHS Markit.