Statement on the OPEC+ Agreement

Kazakhstan confirms its commitment to the OPEC+ Agreement and supports all decisions taken together with the OPEC+ member countries.

Following the decision of the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), Kazakhstan prepared a detailed Compensation plan, according to which it will gradually compensate for the the 1st quarter overproduction during 2024.

Kazakhstan will make every effort to comply with its obligations and compensate for overproduction according to the proposed Compensation plan.

We understand the importance of conformity to the obligations by each country and maintaining cooperation in order to stabilize the oil market.

Earlier, Kazakhstan extended its current voluntary obligations until the end of June 2024.