24 Apr 2024 16:33

Kazakhstan to offset Q1 excess oil production under OPEC+ deal during 2024

MOSCOW. April 24 (Interfax) - Kazakhstan has come up with a plan to compensate for excess oil production under the OPEC+ agreement during 2024, the Energy Ministry's press service said.

"As a result of the decision reached at the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), Kazakhstan has drafted a detailed compensation plan, according to which it will compensate gradually for overproduction in the first quarter throughout 2024," it said.

It said Kazakhstan would make every effort "to comply with its obligations and compensate for overproduction according to the planned compensation plan."

Kazakhstan overshot its oil production quota under the OPEC+ deal by 131,000 bpd in March due to the weather conditions and the duration of the heating season.

Kazakhstan earlier extended its current obligations until late June 2024.