Kazakhstan, OPEC+ participating countries accept new voluntary obligations

Following the results of the 36th OPEC and non-OPEC Ministerial Meeting, held on November 30, 2023, Kazakhstan and other OPEC+ participating countries accepted new voluntary obligations starting from January 2024 to maintain stability and balance in the global oil market, Kazinform News Agency has learnt from the press service of the Kazakh Energy Ministry.

Kazakhstan has always supported the initiatives of the OPEC+ member countries.

Although Kazakhstan has overproduced in January 2024, it will compensate for the overproduced volumes over the next four months and will comply with its obligations of the production adjustments agreed upon at the 35th ONOMM held on 4 June 2023, and the additional voluntary production adjustments announced by some participating OPEC and participating non-OPEC countries in April 2023, and the subsequent adjustments in November 2023 for the months of February and March 2024.