Kazakhstan to adjust oil output plan for 2024 under OPEC+ agreement

ASTANA. Aug 28 (Interfax) - Kazakhstan is preparing a corrective plan for oil production in 2024 in line with its requirement to fulfill obligations under the OPEC+ agreement, Energy Minister Almasadam Satkaliyev told Interfax.

"We have presented a correction plan, and we will implement it. We will publish the plan. There is no specific figure yet, and consultations must be held," Satkaliyev said in response to how much Kazakhstan plans to cut production this year.

As previously reported, Kazakhstan overproduced under OPEC+ by 699,000 barrels of oil per day in January-July, thus the country is required to compensate 49,000 bpd in August. Kazakhstan also exceeded the OPEC+ quota by 120,000 bpd amid the quota of 1.450 million bpd in July 2024.

Kazakhstan has updated its plan to compensate for oil production under the OPEC+ agreement owing to overproduction.

The country's Energy Ministry previously forecast oil production of 90.3 million tonnes in 2024.