Kazakhstan to compensate for overfulfilled volumes of oil production

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Kazakhstan will compensate for the overproduction of oil within the OPEC+ framework by September 2025, according to the official Telegram channel of Kazakhstan's Ministry of Energy, as reported by Zakon.kz. The corresponding statement was published on July 8, 2024, by the Ministry of Energy of Kazakhstan.

"Following the decision of the 37th ministerial meeting of OPEC+, Kazakhstan has prepared a detailed compensation plan, according to which it will gradually compensate for the overproduction volumes in the first half of the year until September 2025."

The Ministry added that Kazakhstan reaffirms its commitment to the OPEC+ agreement and supports decisions made jointly with the organization's member countries.

Earlier, Kazakhstan extended its voluntary commitments until the end of 2025. In March 2024, Kazakhstan exceeded its oil production commitments by 131,000 barrels per day.


July 8, 2024