Kazakhstan pledges to OPEC to compensate for overproduction of oil ahead of schedule

ASTANA. March 4 (Interfax) - Kazakhstan intends to compensate for the overproduction of oil ahead of schedule from January 2024 within the OPEC+ deal, the press service of the country's Energy Ministry said.

"Kazakhstan will take further measures to fulfill its commitments, including submitting an updated compensation plan with a greater load for earlier months in the compensation period for overproduced volumes from January 2024," the press service said.

The ministry assured that Kazakhstan "took all the necessary measures to fulfill its commitments" in February.

During a virtual meeting on March 3, 2025, Kazakh Energy Minister Almassadam Satkaliyev confirmed that Kazakhstan "remains fully committed to its obligations under the OPEC+ agreement, including the compensation mechanism," according to the statement.

The Energy Ministry in mid-January said that the compensation period for overproduced volumes had been extended until the end of June 2026.