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.
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.
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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