Kazakhstan Successfully Meets OPEC+ Obligations – The Astana Times
Kazakhstan Complies with OPEC+ Obligations, Confirms Ministry of Energy
ASTANA — Kazakhstan has officially announced its fulfillment of obligations under the Organization of the Petroleum Exporting Countries (OPEC) agreement for crude oil production in both July and August. This confirmation came after the 56th meeting of the Joint Ministerial Monitoring Committee (JMMC) on Oct. 2.
The Kazakh Ministry of Energy reported that the JMMC organized three technical seminars in August and September with analytical agencies representing Iraq, Kazakhstan, and Russia. These seminars were held to ensure that each country was complying with their compensation plans. All three nations reaffirmed their commitment to the production and compensation plans submitted in September.
Emphasizing the importance of meeting these obligations, the JMMC stated that they will continue to monitor compliance with the agreed production targets, including any voluntary reductions. The committee also committed to regularly assessing market conditions.
The next JMMC meeting is scheduled for Dec. 1, 2024, where further discussions on production targets and compliance will take place. Kazakhstan’s adherence to the OPEC+ agreement signifies its commitment to stabilizing global oil markets and contributing to the overall success of the alliance.
