The Ministry of Energy of Kazakhstan plans, within the framework of the OPEC+ agreement, to compensates for the overproduction of oil that occurred in March, the department's press service announced.
„According to secondary sources, Kazakhstan in March exceeded its obligations by 131,000 barrels per day. This is due to the climatic conditions and the length of the heating season. However, Kazakhstan will continue to make every effort to fulfill its obligations and compensate for the overproduction in the first quarter,”, the announcement said.
The Ministry of Energy also noted that in accordance with the decision of the 53rd meeting of the Joint Ministerial Monitoring Committee, Kazakhstan will submit a detailed compensation plan to the OPEC Secretariat by April 30, 2024.< /p>
In March, several OPEC+ countries, including Russia and Saudi Arabia, announced an extension to the second quarter of 2024 of further voluntary oil production cuts originally planned for the first quarter. Kazakhstan also extended an additional voluntary oil production cut of 82,000 barrels per day in the second quarter of 2024 in coordination with some OPEC+ member countries. Thus, by the end of June 2024, production in Kazakhstan will be 1.468 million barrels per day.