Kazakhstan to Resolve Oil Overproduction Under OPEC+ Plan by 2025

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Kazakhstan plans to resolve its accumulated overproduction of oil in accordance with the OPEC+ agreement by September 2025, as part of a comprehensive compensation strategy.

The Kazakh Ministry of Energy confirmed that the country met its OPEC+ obligations in October, The Caspian Post reports, citing Kazakh media.

 Any excess production from earlier in the year is being adjusted in line with the compensation plan, which is scheduled to continue until September 2025.

The Chairman of the Board of KazMunayGas national company Askhat Khasenov reported that Kazakhstan produced 18 million tons of oil in the first nine months of 2024, marking a 3% increase compared to the same period last year.