June 13, 2024
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OIL & GAS

Kazakhstan to Compensate for Exceeding OPEC+ Oil Production Quota

Kazakhstan has announced plans to compensate for exceeding its oil production quota under the OPEC+ agreement in March, according to a statement from the country’s energy ministry released on Sunday.

The ministry cited “secondary sources” indicating that Kazakhstan produced 131,000 barrels per day above its designated quota in March. This overproduction was attributed to weather conditions and increased heating requirements during the period.

In response to surpassing its allocated production levels, Kazakhstan has committed to submitting a compensation plan to the OPEC+ monitoring committee by April 30. The details of this plan were not immediately disclosed.

By proactively addressing the overproduction issue and outlining a compensation plan, Kazakhstan aims to maintain its cooperation within the OPEC+ framework while ensuring stability and balance in the oil market.

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