Kazakhstan will compensate for oil overproduction under the OPEC+ deal until 2025

ASTANA – Kazakhstan will address the accumulated overproduction of oil under the Organization of the Petroleum Exporting Countries (OPEC) agreement by September 2025 as part of a comprehensive compensation plan, Kazinform reported on November 22.

The Kazakh Ministry of Energy confirmed in October that the country had met its OPEC+ obligations. Any excess production from earlier this year will be adjusted in line with the compensation plan, which runs until September 2025.

Chairman of the Board of Directors of KazMunayGas national company Askhat Khasenov reported that Kazakhstan produced 18 million tons of oil in the first nine months of 2024, an increase of 3% compared to the same period last year.