Kazakhstan promises OPEC+ to compensate for overproduction of oil in the first quarter by the end of 2024, the press service of the Ministry of Energy reports.

“Kazakhstan reaffirms its commitment to the OPEC+ Agreement and supports decisions taken jointly with OPEC+ member countries. Based on the decision of the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), Kazakhstan has prepared a detailed compensation plan, according to which it will gradually compensate for the volumes exceeded in the first quarter during 2024,” the statement said on Wednesday.

The department assured that “Kazakhstan will make every effort to comply with its obligations and compensate for overproduction in accordance with the planned compensation plan.”

“We understand the importance of each country complying with its obligations and maintaining cooperation in order to stabilize the oil market,” the Ministry of Energy said, recalling that Kazakhstan previously extended its current voluntary obligations until the end of June 2024.

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