ASTANA – Kazakhstan will address its accumulated overproduction of oil under the Organization of the Petroleum Exporting Countries (OPEC) agreement by September 2025 as part of a comprehensive compensation plan, reported Kazinform on Nov.22.
The Kazakh Ministry of Energy confirmed that the country met its OPEC+ obligations in October. Any excess production from earlier in the year is being adjusted in line with the compensation plan, which is scheduled to continue until September 2025.
The Chairman of the Board of KazMunayGas national company Askhat Khasenov reported that Kazakhstan produced 18 million tons of oil in the first nine months of 2024, marking a 3% increase compared to the same period last year.
