ASTANA, Kazakhstan, July 26. The OPEC Secretariat has received a compensation plan from Kazakhstan for its overproduced oil volumes for the first six months of 2024 (January through June), which totaled about 620 tb/d, Trend reports.
According to OPEC, along with Kazakhstan, plans to compensate for overproduction were also presented by Iraq and Russia (for Iraq, about 1,184 tb/d and 480 tb/d for the Russian Federation).
Meanwhile, the volume of oil production in Kazakhstan amounted to 38.4 million tons from January through June, which is 2.1 percent less than in the first quarter of 2023 (39.2 million tons).
Furthermore, Kazakhstan produced 90 million tons of oil in 2023, which is 6.9 percent higher than in 2022. Oil exports also increased and amounted to 70.5 million tons, which is 9.6 percent more than the previous year. Moreover, Kazakhstan plans to increase oil production in 2024 to 90.3 million tons.