Kazakhstan reaffirms commitment to its obligations under OPEC+ agreement

The Kazakh authorities have taken all necessary measures to fulfill the country's obligations to limit oil production under the OPEC+ agreement, Report informs, citing the Energy Ministry of Kazakhstan.

The Energy Minister of Kazakhstan Almasadam Satkaliyev confirmed that his country remains fully committed to its obligations under the OPEC+ agreement and will take further measures to fulfill them, including submitting an updated compensation plan with a greater load on earlier months of the compensation period for overproduced volumes from January 2024.

The ministry noted that at an online meeting held on March 3, eight OPEC+ countries that had previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, reviewed global market conditions and future prospects.