Kazakhstan Reaffirms Commitment to OPEC+ Agreement
Kazakhstan Committed to OPEC+ Agreement on Oil Production
The Energy Ministry of Kazakhstan has announced that all necessary measures have been taken to fulfill the country’s obligations to limit oil production under the OPEC+ agreement. Energy Minister Almasadam Satkaliyev confirmed that Kazakhstan remains fully committed to the agreement and will take further steps to meet its obligations.
During an online meeting on March 3, eight OPEC+ countries, including Kazakhstan, reviewed global market conditions and future prospects. These countries had previously announced additional voluntary adjustments in April and November 2023. The countries involved in the meeting were Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Algeria, and Oman.
As part of its commitment to the agreement, Kazakhstan will submit an updated compensation plan with a greater focus on overproduced volumes from earlier months of the compensation period, starting from January 2024. This plan aims to ensure that Kazakhstan fulfills its obligations and contributes to the stability of the global oil market.
Overall, Kazakhstan is dedicated to cooperating with other OPEC+ countries to maintain balance in the oil market and support sustainable oil production practices. The country’s efforts demonstrate its commitment to fulfilling its responsibilities and contributing to the collective goals of the OPEC+ agreement.
