ASTANA – Kazakhstan has updated its Compensation plan, including for overproduction in July, and submitted it to the Organization of Petroleum Exporting Countries (OPEC) Secretariat, the Energy Ministry announced on Aug. 22.
“Kazakhstan reaffirms its commitment to the OPEC+ Agreement and supports decisions taken jointly with the OPEC+ member countries. Kazakhstan will make every effort to comply with its obligations and compensate for overproduction according to the Compensation plan,” reads the statement.
Previously, the OPEC Secretariat indicated that Kazakhstan, Iran, and Russia had submitted plans to offset excess oil production for the first half of 2024.
Also, the Agency for the Protection and Development of Competition suggested increasing the maximum prices for petroleum products and easing market controls in its report. Meanwhile, the Energy Ministry has committed to compensating for the excess oil volumes produced since the beginning of 2024 amidst accusations of exceeding the production quotas set by OPEC+. Kazakhstan plans to reduce its production until the end of September 2025.
