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Kazakhstan is doing its best to offset oil overproduction

Astana updates OPEC+ oil production offset plan

Aug 22, 2024 15:21 352

Kazakhstan is doing its best to offset oil overproduction  - 1

Kazakhstan authorities have updated the OPEC oil production offset plan + and sent it to the secretariat of the association, reported the press service of the Ministry of Energy of the Republic.

„Kazakhstan confirms its commitment to the OPEC+ agreement and supports the decisions taken together with the OPEC+ member countries. Kazakhstan updated the compensation plan, including overproduction in July, and sent it to the OPEC secretariat, the text said.

The department also noted that Astana will make every effort to meet its obligations and offset overproduction under the compensation plan.

At the beginning of July, the Ministry of Energy announced that, following the decision of the 37th OPEC+ ministerial meeting, Kazakhstan has prepared a detailed compensation plan, according to which it will gradually compensate the volumes exceeded in the first half of the year until September 2025 d.

Previously, Kazakhstan extended its voluntary commitments to cut oil production within the framework of OPEC+ until the end of 2025