Kazakhstan Reaffirms Commitment to OPEC+ Agreement

Astana, The Gulf Observer: The Republic of Kazakhstan remains steadfast in its commitment to the OPEC+ agreement, as confirmed by the Kazakh Ministry of Energy. This announcement follows an assessment by independent sources, approved under the agreement, indicating that Kazakhstan overproduced by 45,000 barrels per day in May.

The Kazakh Ministry of Energy has assured that measures will be taken to address this overproduction. The Republic of Kazakhstan has pledged to fully comply with the agreement in June, including adhering to additional voluntary production cuts. Moreover, Kazakhstan will compensate for the surplus in production that has accumulated since the beginning of 2024. The compensation period extends until the end of September 2025.

In accordance with these commitments, Kazakhstan will submit its updated compensation schedule to the OPEC Secretariat in the coming days. This schedule will outline the country’s plan to adjust production levels and ensure full compliance with the OPEC+ targets.

Kazakhstan’s proactive steps to rectify overproduction and its ongoing dedication to the OPEC+ agreement underscore the nation’s commitment to global oil market stability and cooperation with international partners. The Ministry of Energy emphasized the importance of adhering to the agreed production limits to maintain balance in the global oil market.