Kazakhstan has confirmed its commitment to the OPEC+ agreement

Kazakhstan has confirmed its commitment to the OPEC+ agreement

The Committee expressed support and gratitude to the Russian Federation for the additional voluntary reduction of exports by 300 thousand barrels per day in September On Friday, August 4, the 49th meeting of the OPEC+ joint ministerial monitoring committee was held in the format of a videoconference. Kazakhstan was represented by the Minister of Energy Almasadam Satkaliyev, the press service of the Ministry of Energy of the Republic of Kazakhstan reports. The meeting discussed the fulfillment of the obligations under the agreement by the countries in May-June 2023 and the current situation on the oil market. The participating countries reaffirmed their commitment to the agreement, which was previously extended until the end of 2024, and recognized the importance of complying with the obligations under the agreement. The member countries of the committee agreed to continue monitoring market conditions in order to respond to changes in the market and readiness to take the necessary measures, relying on the cohesion of the countries participating in the agreement. The committee also expressed support and appreciation for the efforts of Saudi Arabia aimed at maintaining the stability of the oil market, for an additional voluntary reduction of 1 million barrels per day and for extending it to September, and the Russian Federation for an additional voluntary reduction of exports by 300 thousand barrels per day in September. Earlier, the Ministry of Energy told about Kazakhstan's obligations under the OPEC+ agreement. Kazakhstan has recently seen a decline in production due to various reasons, including accidents at energy sources, as well as current and expected planned repairs at the fields, which generally contributes to the implementation of the republic's intentions to comply with its obligations under the OPEC+ agreement," the Ministry of Energy reported.