Kazakhstan to adjust oil production to fulfil OPEC+ obligations
Minister of Energy Almasadam Satkaliyev assures that Kazakhstan remains committed to the OPEC+ obligations and takes all necessary measures to fulfil them, Kazinform News Agency reports.
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. 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.