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    Kazakhstan

    Kazakhstan to reduce oil production, committing to OPEC+ obligations

    Kazakhstan to reduce oil production, committing to OPEC+ obligations

    The Ministry of Energy of the Republic of Kazakhstan has stated that Kazakhstan will compensate for the overproduction of oil in the coming months and will comply with its production obligations within the framework of OPEC+, on February 14.

    "Kazakhstan will continue to fulfill its obligations to reduce oil production under the OPEC+ agreement in 2024. At the same time, the republic will compensate for the excess of obligations under the OPEC+ agreement in January 2024 within four months," the Ministry of Energy of Kazakhstan reported.

    Additionally, Kazakhstan intends to honor any supplementary voluntary commitments made by OPEC and non-OPEC nations in April 2023 and subsequent agreements reached in November 2023 for the months of February and March 2024. The ministry emphasized Kazakhstan's consistent support for the initiatives of OPEC+ member countries, underscoring its dedication to maintaining stability in the global oil market.

    Previously, the Ministry of Energy had outlined Kazakhstan's intention to decrease oil production starting in January 2024, aiming to contribute to the prevention of uncertainty and volatility in the oil market. Notably, Kazakhstan's oil production obligations for the first quarter of 2024 were set at 1.468 mn barrels per day.

    As of the conclusion of 2023, Kazakhstan's oil production reached approximately 90 mn tons. Looking ahead, the Ministry of Energy of Kazakhstan projects that by the end of 2024, the country's oil production volume will increase slightly to 90.3mn tons.

    Earlier Daryo reported that starting from January 1, 2024, "KazTransOil" will introduce a revised tariff for oil transportation through Kazakhstan's territory via the main pipeline "Tuymazy - Omsk - Novosibirsk-2" ("TON-2"). The updated tariff, sanctioned by the General Director (Chairman of the Management Board) of KazTransOil, will be set at $11.28 per ton per 1000 kilometers (excluding VAT).

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    16.02.2024, 01:46   Comments (0)   1528
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