Kazakhstan cuts oil output after overproduction

Kazakhstan cuts oil output after overproduction
Фото: El.kz/Marina Ruzmatova /ChatGPT 12.06.2024 11:04 597

In May, Kazakhstan exceeded oil production under the OPEC+ agreement and intends to compensate plan in the coming months, El.kz reports with reference to the Ministry of Energy of the republic.

The overproduction amounted to 45 thousand barrels per day. In June, the country will fully fulfill its obligations, the department assured. In the coming month, the republic will apply voluntary reductions in oil production.

"In addition, Kazakhstan will compensate for the volumes reproduced since the beginning of 2024 during the compensation period, which will last until the end of September 2025," the statement said.

The republic will submit an updated schedule of compensation for overproduction to the OPEC secretariat in the coming days, the ministry added.

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