Kazakhstan intends to compensate for accumulated overproduction of oil within OPEC+ by Sept 2025

ASTANA. Nov 22 (Interfax) - Kazakhstan plans to compensate for the accumulated overproduction of oil as part of the OPEC+ deal by September 2025, the country's Energy Ministry told Interfax.

"The accumulated overproduction since the beginning of the year is being compensated in line with the compensation plan that is valid until September 2025," the ministry said in response to when Kazakhstan intends to compensate for the excess production.

Kazakhstan, Russia, and Iraq are among the OPEC+ countries that have exceeded production volumes under the established agreements in the past months. The respective countries have been subject to schedules to compensate for the "non-reduced volumes" since August.

Following the OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting on October 2, the OPEC Secretariat said that the respective representatives of Iraq, Kazakhstan, and Russia during the meeting had announced that each country would bring its respective production in line with the quotas in September. Meantime, each country deviated from the required production volume, with Iraq exceeding it by 207,000 barrels of oil per day, Kazakhstan exceeding it by 105,000 bpd, and Russia exceeding it by 23,000 bpd, according to the indicators in the alliance's report, which come from secondary sources of information.

According to the previously approved schedules, Kazakhstan is required to compensate an additional 32,000 bpd in November versus 265,000 bpd in October.