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OIL: Kazakhstan to Adjust Oil Output Plan for 2024 Under OPEC+ Deal

OIL

Kazakhstan is preparing a corrective plan for oil production in 2024, in line with its requirement to fulfil its obligations under the OPEC+ agreement, Energy Minister Almasadam Satkaliyev told Interfax, cited by Bloomberg.

  • "We have presented a correction plan, and we will implement it. We will publish the plan. There is no specific figure yet, and consultations must be held," Satkaliyev said.
  • Kazakhstan overproduced by 699k b/d in Jan-July and must compensate by 49k b/d in August.
  • Kazakhstan’s quota was 1.45m b/d.
  • The country's Energy Ministry previously forecast oil production of 90.3m mt in 2024.
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