Kazakhstan to Compensate for Overproduction of Oil

Kazakhstan will compensate for exceeding its oil production obligations by 45,000 barrels per day in May, the Energy Ministry reported on June 12.

The country will adhere fully to its production quotas in June, including implementing additional voluntary cuts.

The surplus production from the beginning of 2024 will be offset during the compensation period, which extends until the end of September 2025.

Kazakhstan will submit its updated compensation schedule to the Organization of the Petroleum Exporting Countries (OPEC) Secretariat in the coming days.

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