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Kazakhstan set to compensate for oil overproduction within OPEC+ agreement

ASTANA, Kazakhstan, April 24. Kazakhstan has confirmed its commitment to the OPEC+ agreement and supported decisions taken jointly with OPEC+ member countries, TurkicWorld reports with reference to a statement of the Ministry of Energy of Kazakhstan.

"Following the decision of the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), Kazakhstan prepared a detailed compensation plan, according to which it will gradually compensate for the volumes exceeded in the 1st quarter throughout 2024," he said.

According to the Ministry, Kazakhstan will make every effort to comply with its obligations and compensate for overproduction in accordance with the intended compensation plan.

"We understand the importance of each country complying with its commitments and maintaining cooperation in order to stabilize the oil market," the Ministry said.

Previously, the Ministry of Energy reported that Kazakhstan will extend the voluntary additional reduction in oil production by 82,000 b/d in the second quarter of 2024.

This extension is part of the OPEC+ deal. As a result, oil production in Kazakhstan will amount to 1.468 mb/d by the end of June 2024.

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