Kazakhstan Compensates for Overproduction of Oil at Kashagan
The Kazakh authorities intend to compensate for a significant amount of overproduction of oil during repairs at the Kashagan field in October. This was reported by the press service of the Ministry of Energy of Kazakhstan.
“The government has denied information about the postponement of repairs at the Kashagan field. In October, a significant reduction in production is planned during the planned repair period. During this period, we plan to compensate for the significant volume of overproduction accumulated since the beginning of the year,“ the message says.
It is noted that this issue was discussed during the recent visit of OPEC Secretary General Haysam al–Gais to Kazakhstan and a meeting with analytical agencies organized by the OPEC secretariat.
“Kazakhstan confirms its commitment to the OPEC+ agreement and understands the important role of OPEC in ensuring the sustainability of the global oil market. Kazakhstan is taking measures to fully fulfill its obligations and comply with the compensation plan submitted to the OPEC secretariat,“ the press service explained.
In early July, the Ministry of Energy stated that, following the decision of the 37th OPEC+ ministerial meeting, Kazakhstan had prepared a detailed compensation plan, according to which it would gradually compensate for overfulfilled volumes in the first half of the year until September 2025. Earlier, Kazakhstan extended its voluntary commitments to reduce oil production under OPEC+ until the end of 2025.
