Last month Kazakhstan exceeded its oil production quota under its agreement with the Organization of Petroleum Exporting Countries (OPEC+). According to Times of Central Asia research into oil data, Kazakhstan exceeded its March 2024 limits by 131,000 barrels per day (bpd). However, Kazakhstan’s Energy Ministry emphasized that this was a one-off occurrence, brought about by climatic factors in the country.
“Despite this, Kazakhstan will continue efforts to comply with its obligations and compensate for overproduction in the first quarter [of 2024],” said the ministry’s press service. In addition, based on the results of the 53rd meeting of OPEC’s Joint Ministerial Monitoring Committee, Kazakhstan committed to submit a detailed compensation plan to the OPEC Secretariat by April 30.
In early March, Kazakhstan agreed to extend its voluntary crude production cut of 82,000bpd until the end of June 2024, reaffirming its commitment to comply with international agreements and maintain stability in oil markets.
