Kazakhstan reaffirms its commitment to the OPEC+ Agreement and supports decisions taken jointly with the OPEC+ member countries, Kazinform News Agency has learnt from the Ministry of Energy.
Following the decision of the 37th OPEC and Non-OPEC Ministerial Meeting, Kazakhstan has prepared a detailed compensation plan, according to which it will gradually compensate for the overproduced volumes in the 1st half of this year, latest by September 2025. Once complete data from all secondary sources is available for June 2024 production, an updated compensation plan will be provided to the OPEC Secretariat.
Kazakhstan will make every effort to comply with its obligations and compensate for overproduction according to the Compensation plan.
Earlier, Kazakhstan extended its previously accepted voluntary cuts until the end of 2025.
