Statement on OPEC+ Agreement

The ministry said that Kazakhstan reaffirms commitment to the OPEC+ Agreement and supports decisions taken with OPEC+ member countries,El.kz reports.

Following the decision of the 37th OPEC+ Ministerial Meeting, Kazakhstan has prepared a detailed compensation plan, according to which it will gradually compensate for the volumes exceeded in the 1st half of the year until September 2025.

As soon as full data from all secondary production sources for June 2024 are received, an updated compensation plan will be submitted to the OPEC Secretariat.

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

Earlier, Kazakhstan extended its previously assumed voluntary commitments until the end of 2025.

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