Kazakhstan Intends To Compensate For Exceeding Oil Production Obligations In January
The country’s Ministry of Energy did not provide data on how much Kazakhstan exceeded its oil production obligations in January.
The Kazakh authorities will continue to fulfill their obligations to reduce oil production under the OPEC+ agreement this year. At the same time, the republic will compensate for the excess of obligations under the OPEC+ agreement in January 2024 within four months. This was reported by the Ministry of Energy of Kazakhstan.
“Despite exceeding commitments in January 2024, Kazakhstan will compensate for the overproduction over the next four months and will continue to meet its production commitments agreed at the 35th OPEC+ Ministerial Meeting held on June 4, 2023, as well as additional voluntary commitments made by some OPEC and non-OPEC countries in April 2023, and subsequent agreements adopted in November 2023 for February and March 2024,” the statement said.
At the same time, the ministry did not provide data on how much Kazakhstan exceeded its oil production obligations in January 2024.
The department recalled that following the results of the 36th OPEC+ ministerial meeting, held on November 30, 2023, Kazakhstan and other OPEC+ member countries accepted new voluntary commitments for oil production, which have been in effect since January 2024, to maintain stability and balance in the global oil market. “Kazakhstan has always supported the initiatives of OPEC+ member countries,” the press service explained.
Earlier, the Ministry of Energy reported that Kazakhstan intends to reduce oil production starting in January 2024 as its contribution to preventing uncertainty and volatility in the oil market. Kazakhstan’s oil production obligations in the first quarter of 2024 amounted to 1.468 million barrels per day.
The volume of oil production in Kazakhstan at the end of 2023 amounted to about 90 million tons. The Ministry of Energy of Kazakhstan plans that by the end of this year the volume of oil production in the republic will be 90.3 million tons.
