Kazakhstan has updated its oil production compensation plan in line with the OPEC+ agreement
Kazakhstan has updated its Compensation plan, including for overproduction in July, and submitted it to the Organization of Petroleum Exporting Countries (OPEC) Secretariat, the Energy Ministry announced on Aug. 22.
Kazakhstan, along with Iran and Russia, has submitted plans to offset excess oil production for the first half of 2024, as indicated by the OPEC Secretariat. The Energy Ministry is addressing excess production from early 2024 and aims to reduce output through September 2025 to comply with OPEC+ quotas. Additionally, the Agency for the Protection and Development of Competition has recommended raising maximum petroleum prices and easing market controls.
“Kazakhstan reaffirms its commitment to the OPEC+ Agreement and supports decisions taken jointly with the OPEC+ member countries. Kazakhstan will make every effort to comply with its obligations and compensate for overproduction according to the Compensation plan,” reads the statement.(Source:astanatimes)
