Kazakhstan Has Updated the Oil Production Compensation Plan Within the Framework of OPEC+
The Kazakh authorities have updated the oil production compensation plan under the OPEC+ agreement and sent it to the association‘s secretariat. This was reported by the press service of the Ministry of Energy of the Republic.
“Kazakhstan confirms its commitment to the OPEC+ agreement and supports the decisions taken jointly with the OPEC+ member countries. Kazakhstan updated the compensation plan, including overproduction in July, and sent it to the OPEC secretariat,“ the text says.
The ministry also noted that Astana will make every effort to comply with its obligations and compensate for overproduction according to the compensation plan.
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 the volumes exceeded 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.
