Kazakhstan to compensate OPEC+ for overproduction

Kazakhstan has announced that it will compensate for its oil output exceeding the OPEC+ quota in the first half of this year by September 2025. The energy ministry disclosed on Monday that a detailed plan for gradual compensation has been prepared.

Kazakhstan is one of eight OPEC+ countries that committed to additional voluntary output cuts, although specific output figures were not provided. The ministry emphasised in a statement, “Kazakhstan will make every effort to comply with its obligations and compensate for overproduction in accordance with the intended compensation plan,”

In June, Kazakhstan increased its oil and gas condensate production by 4 per cent from May, reaching 7.24 million metric tons daily, surpassing its OPEC+ quota, according to two sources and Reuters calculations. OPEC+ announced last month that it would gradually phase out the production cuts from October 2024 to September 2025.

Attribution: Reuters