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Kazakhstan to compensate oil production surplus in January

The ministry did not detail the country’s surplus oil production above commitments in January 2024

ASTANA, February 14. /TASS/. Kazakhstan’s authorities will continue performing oil production commitments within the OPEC+ agreement framework, the Kazakh Ministry of Energy said.

"Despite being above commitments in January 2024, Kazakhstan will compensate surplus production during the next four months and will continue meeting its production commitments agreed at the 35th OPEC+ Ministerial Meeting that took place on June 4, 2023, and additional voluntary commitments taken by certain OPEC countries and non-OPEC countries in April 2023, and subsequent agreements adopted in November 2023 for February and March 2024," the ministry said.

The ministry did not detail the country’s surplus oil production above commitments in January 2024.

Kazakhstan and other countries took new voluntary oil production commitments effective since January 2024 to maintain stability and balance in the global oil market in conclusion of the 36th OPEC+ Ministerial Meeting held on November 30, 2023, the ministry noted. "Kazakhstan always supported initiatives of OPEC+ participating countries," the press service of the ministry added.

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