OPEC+ welcomes Kazakhstan’s commitment to compensate for overproduction

The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC)and non-OPEC countries welcomed Kazakhstan’s commitment to achieve full conformity and compensate for overproduction at the committee’s 53rd meeting on April 3, Kazinform News Agency reports, citing OPEC press statement.

At the meeting, the committee reviewed the crude oil production data for January and February and noted the high conformity for participating OPEC and non-OPEC countries.

“The committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports,” reads the statement.

The statement says the committee will continue to monitor the implementation of all OPEC+ decisions taken earlier and assess market conditions to take necessary measures when needed.

The next meeting is scheduled for June 1.

In March, the Kazakh Ministry of Energy announced Kazakhstan would extend its additional voluntary cut of 82,000 barrels per day for the second quarter of 2024 in coordination with some OPEC+ participating countries. The voluntary cut was announced by Kazakhstan in November 2023 and was supposed to last through March 31, 2024.

Kazakhstan’s production will be 1,468 million barrels per day until the end of June 2024. Afterwards, these additional cut volumes will be returned gradually, subject to market conditions.