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Kazakhstan to Overcompensate for Crude Overproduction During 2024

OIL

Kazakhstan has prepared a plan to compensate for exceeding its OPEC+ production targets in 2024, according to the press service of the country’s Ministry of Energy, cited by Interfax.

  • Under the plan, it will compensate for the overproduction in Q1 by cuts across the remainder of the year.
  • The statement said that Kazakhstan would take all the steps to meet its obligations and compensate for the overproduction.
  • Kazakhstan overshot its production targets in Q1 by 131k b/d. It attributed this to climatic conditions and an extended heating season.
  • Kazakhstan has extended its current voluntary target output levels until the end of June 2024.

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