Kazakhstan Adheres to OPEC+ Responsibilities
Kazakhstan has confirmed that it fully met its obligations under the Organization of the Petroleum Exporting Countries agreement for crude oil production in July and August, following the 56th meeting of the Joint Ministerial Monitoring Committee (JMMC) on Oct. 2.
As reported by the Kazakh Ministry of Energy, the Joint Ministerial Monitoring Committee (JMMC) held three technical seminars in August and September with analytical agencies from Iraq, Kazakhstan, and Russia to ensure adherence to their compensation plans. The three countries reiterated their commitment to the production and compensation plans submitted in September.
The JMMC highlighted the significance of meeting these obligations, stating that the committee will keep monitoring compliance with the agreed production targets, including any voluntary cuts. Additionally, the committee will regularly evaluate market conditions.
The next JMMC meeting is set for December 1, 2024.
