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.
