Kazakhstan to Scale Oil Production to Comply with OPEC+ Targets

Minister of Energy Almasadam Satkaliyev assured that Kazakhstan remains committed to its OPEC+ obligations and is taking all necessary measures to fulfill them.

To address the issue, the Ministry of Energy has already held consultations with the shareholders of major international consortiums developing the country's largest fields, The Caspian Post reports citing Kazinform.

In the near future, Kazakhstan will present an updated compensation plan for overproduced oil volumes from January 2024. According to the plan, the main burden of production cuts will fall on earlier months.

“We are conducting a constructive dialogue with our partners and see understanding for their side. Together, we are working on a package of measures that will let reduce oil production volumes in Kazakhstan and ensure compliance with all OPEC+ agreements,” Satkaliyev stated.

According to him, Kazakhstan has taken all necessary measures to fulfill its obligations, including reducing production plans at separate fields.

Earlier, it was reported that Kazakhstan plans to reduce oil shipments via the Caspian Pipeline Consortium in March.