OPEC Committee Welcomes Kazakhstan’s Pledge to Compensate for Overproduction

ASTANA—The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) welcomed Kazakhstan’s pledge to achieve full conformity and compensate for overproduction during the committee’s 53rd meeting held via teleconference on April 3, reported the OPEC press service.

Photo credit: Reuters

The committee also welcomed the announcement by Russia that its voluntary adjustments in the second quarter will be based on production instead of exports.

The committee reviewed the crude oil production data for January and February and noted the high conformity for participating OPEC and non-OPEC countries.

“The committee will continue to closely assess market conditions and noted the willingness of the DoC countries (non-OPEC countries of the Declaration of Cooperation)  to address market developments and their readiness to take additional measures at any time building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries,” the statement reads.

The next meeting of the committee is scheduled for June 1.

On March 3, the Kazakh Energy Ministry announced Kazakhstan will extend the additional voluntary production cut of 82,000 barrels per day into the second quarter of 2024 in coordination with some OPEC+ member countries. By the end of June 2024, production in Kazakhstan will amount to 1.468 million barrels per day.

This voluntary reduction is in addition to the voluntary cut of 78,000 barrels per day previously announced by Kazakhstan in April 2023, which will last until the end of December 2024, according to the ministry. 

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