Oil & Gas

15 Apr 2024

Kazakhstan to Compensate for Exceeding OPEC+ Quota in March

15 Apr 2024  by reuters   

An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo Purchase Licensing Rights
Kazakhstan will compensate for exceeding its oil production quota under the OPEC+ agreement in March, the country's energy ministry said in a statement on Sunday.

The ministry said that according to "secondary sources", Kazakhstan produced 131,000 barrels per day above its quota in March due to weather conditions and heating requirements.

It said it would submit a compensation plan to the group's monitoring committee by April 30.


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