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    Kazakhstan

    Kazakhstan plans oil output compensation amid OPEC+ commitment

    Kazakhstan plans oil output compensation amid OPEC+ commitment

    Kazakhstan's energy ministry announced on July 8 that it plans to offset its excess oil production over the OPEC+ quota in the first half of this year by September 2025. The ministry has outlined a comprehensive strategy for gradual compensation.

    Photo: Kazakhstan reaffirms its dedication to fulfilling OPEC+ obligations
    Source: Reuters

     

    Kazakhstan is one of eight OPEC+ nations that committed to additional voluntary production cuts without specifying exact output numbers. The energy ministry affirmed that Kazakhstan is dedicated to fulfilling its obligations and will diligently adhere to the planned compensation for any overproduction.

    "Kazakhstan will make every effort to comply with its obligations and compensate for overproduction in accordance with the intended compensation plan," the ministry stated.

    In June, Kazakhstan increased its oil and gas condensate production by 4% from May, reaching 7.24mn metric tons daily, surpassing its OPEC+ quota, according to sources and Reuters calculations.

    OPEC+ declared last month that it would gradually phase out production cuts from October 2024 to September 2025.

     

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    09.07.2024, 13:57   Comments (0)   856
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