Kazakhstan Prepares Plan to Compensate for Oil Overproduction

Kazakhstan raised oil and gas condensate production in June by 4% from May on a daily basis to 7.24 million metric tons. Reuters
Kazakhstan raised oil and gas condensate production in June by 4% from May on a daily basis to 7.24 million metric tons. Reuters
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Kazakhstan Prepares Plan to Compensate for Oil Overproduction

Kazakhstan raised oil and gas condensate production in June by 4% from May on a daily basis to 7.24 million metric tons. Reuters
Kazakhstan raised oil and gas condensate production in June by 4% from May on a daily basis to 7.24 million metric tons. Reuters

Kazakhstan will compensate for oil output exceeding its OPEC+ quota in the first half of this year by September 2025, its energy ministry said on Monday, adding that it has prepared a detailed plan for gradual compensation.

The country is among eight OPEC+ countries that had pledged extra voluntary output cuts. It did not provide any output figures, Reuters reported.

"Kazakhstan will make every effort to comply with its obligations and compensate for overproduction in accordance with the intended compensation plan," the ministry said in a statement.

Kazakhstan raised oil and gas condensate production in June by 4% from May on a daily basis to 7.24 million metric tons, exceeding its quota within the OPEC+ group of oil producers, according to two sources and Reuters calculations.

OPEC+ said last month that it would gradually phase out the production cuts over the course of a year from October 2024 to September 2025.



Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.