Kazakhstan to curb oil output to compensate for exceeding OPEC+ quota

Kazakhstan exceeded its obligations under the OPEC+ production quota by 131 thousand barrels per day in March this year. This was due to the climatic conditions and the heating season duration, the secondary sources said, Kazinform News Agency reports.  

However, the country pledges to continue to make every effort to comply with its obligations and compensate for the 1st quarter overproduction.

In addition, following the decision of the 53rd Meeting of the Joint Ministerial Monitoring Committee Kazakhstan will submit a detailed compensation plan to the OPEC Secretariat by 30 April 2024.

Earlier, Kazakhstan extended its current obligations until the end of June 2024.