Kazakhstan Prepares Gradual Compensation Plan for Oil Overproduction

ASTANA – In response to the decision of the 53rd meeting of the Joint Ministerial Monitoring Committee, Kazakhstan has prepared a detailed plan for the gradual compensation for overproduction observed during the first quarter of 2024, the Energy Ministry reported in an April 24 statement.

Photo credit: internationalfinance.com

The country reaffirmed its commitment to the agreement by the Organization of the Petroleum Exporting Countries, pledging to make every effort to comply with its obligations.

“We understand the importance of each country’s conformity to the obligations and maintaining cooperation to stabilize the oil market,” reads the statement.

Earlier, Kazakhstan extended its existing voluntary obligations until the end of June.

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