Kazakhstan to Compensate for Oil Overproduction Under OPEC+ Agreement by 2025
Kazakhstan will resolve its accumulated oil overproduction under the OPEC+ agreement by September 2025, the Ministry of Energy announced on November 22. The country fulfilled its OPEC+ obligations in October, and any earlier excess production is being adjusted as part of a long-term compensation plan.
According to Askhat Khasenov, Chairman of KazMunayGas, Kazakhstan produced 18 million tons of oil in the first nine months of 2024, a 3% increase from the same period in 2023. The compensation plan ensures compliance with OPEC+ commitments while managing the country's growing oil output.
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