The Ministry of Energy issued a statement on the OPEC+ Agreement, Kazpravda.kz reports.
“Kazakhstan reaffirms its commitment to the OPEC+ Agreement and supports the decisions taken jointly with OPEC+ member countries.
Following the decision taken at the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), Kazakhstan has prepared a detailed compensation plan, according to which it will gradually compensate for the over-covered volumes in the first quarter of 2024.
Kazakhstan will make every effort to fulfil its commitments and compensate for overproduction according to the established compensation plan.
We understand the importance of each country’s compliance with its obligations and support cooperation to stabilise the oil market.”
It will be recalled that earlier Kazakhstan extended its existing voluntary commitments until the end of June 2024.
https://kazpravda.kz/n/soglashenie-opek-kazahstan-podgotovil-podrobnyy-plan-kompensatsii/