Kazakhstan committed to further OPEC+ cooperation - PM

ASTANA. Aug 26 (Interfax) - Kazakh Prime Minister Olzhas Bektenov and Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais have discussed the current situation on the global oil market and current cooperation, the government's press service said.

"Kazakhstan is committed to further cooperation under the OPEC+ deal. We support the initiatives of the organization and follow the oil cut quotas as all the other countries do, also including our current voluntary commitments," Bektenov said at a meeting with Al-Ghais.

Al-Ghais, in turn, commended Kazakhstan's significant role on the global oil market and the country's effort to ensure the balance and predictable pricing on the oil market.

Bektenov and Al-Ghais reaffirmed their intention to continue successful and fruitful interaction, the statement said.

Kazakhstan has been a party to the OPEC+ agreement since 2016, it said. Over 90 extracting companies produce oil in the country.

As previously reported, Kazakhstan's overproduction under the OPEC+ deal reached 699,000 bpd in January-July, while the country has to compensate for 49,000 bpd in August. The country exceeded the OPEC+ quota by 120,000 bpd with a quota of 1.45 million bpd, it said.

In response to overproduction, Kazakhstan has updated its compensation plan for oil production under the OPEC+ agreement.