The OPEC committee has welcomed Kazakhstan's commitment to compensate for overproduction
The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) welcomed Kazakhstan’s pledge to achieve full conformity and compensate for overproduction during the committee’s 53rd meeting held via teleconference on April 3, reported the OPEC press service.
The committee also acknowledged Russia's announcement that its voluntary adjustments in the second quarter will be based on production rather than exports.
During the review of crude oil production data for January and February, the committee observed a high level of conformity among participating OPEC and non-OPEC countries.
“The committee will continue to closely assess market conditions and noted the willingness of the DoC countries (non-OPEC countries of the Declaration of Cooperation) to address market developments and their readiness to take additional measures at any time building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries,” the statement reads.(Source:astanatimes)
The next meeting of the committee is slated for June 1.
On March 3, the Kazakh Energy Ministry declared that Kazakhstan would extend its additional voluntary production cut of 82,000 barrels per day into the second quarter of 2024, aligning with certain OPEC+ member countries. By June 2024, Kazakhstan's production is expected to reach 1.468 million barrels per day.
This voluntary reduction supplements Kazakhstan's previous announcement in April 2023 of a voluntary cut of 78,000 barrels per day, which will remain in effect until the conclusion of December 2024, as per the ministry's statement.
