Kazakhstan Set To Compensate For Oil Overproduction Within OPEC+ Agreement

2024-04-24 10:09:39

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, April 24. Kazakhstan hasconfirmed its commitment to the OPEC+ agreement and supporteddecisions taken jointly with OPEC+ member countries, Trend reports withreference to a statement of the Ministry of Energy ofKazakhstan.

"Following the decision of the 53rd meeting of the JointMinisterial Monitoring Committee (JMMC), Kazakhstan prepared adetailed compensation plan, according to which it will graduallycompensate for the volumes exceeded in the 1st quarter throughout2024," he said.

According to the Ministry, Kazakhstan will make every effort tocomply with its obligations and compensate for overproduction inaccordance with the intended compensation plan.

"We understand the importance of each country complying with itscommitments and maintaining cooperation in order to stabilize theoil market," the Ministry said.

Previously, the Ministry of Energy reported that Kazakhstan willextend the voluntary additional reduction in oil production by82,000 b/d in the second quarter of 2024.

This extension is part of the OPEC+ deal. As a result, oilproduction in Kazakhstan will amount to 1.468 mb/d by the end ofJune 2024.

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