ASTANA, Kazakhstan, August 22. Kazakhstan has updated its plan to offset excess oil production, including overproduction in July, and has submitted it to the OPEC Secretariat, says the Ministry of Energy of Kazakhstan, Trend reports.
‘Kazakhstan reaffirms its commitment to the OPEC+ agreement and fully supports the decisions made jointly with OPEC+ member countries. Kazakhstan will make every effort to meet its obligations and compensate for overproduction in line with the compensation plan,’ the statement said.
Earlier, the OPEC Secretariat announced that Kazakhstan, Iran, and Russia had submitted plans to compensate for excess oil production in the first half of 2024.
Meanwhile, OPEC estimated Kazakhstan’s crude production in July 2024 at 1.545 mb/d. In the reporting period, the country’s oil output decreased by 34,000 b/d month-on-month (1.57 million b/d in June 2024).