Kazakhstan exceeded OPEC+ output quota by 131,000 b/d in March – Energy ministry

The central Asian country said it will compensate for exceeding the OPEC+ quota in the upcoming months.

PHOTO: Oil barrels with Kazakhstan's flag. Getty Images

Kazakhstan exceeded its designated oil output quota within the OPEC+ deal by 131,000 b/d in March, the country’s Ministry of Energy said.

The country’s current production quota agreed within the OPEC+ alliance stands at 1.5 million b/d for the second quarter of this year.

Kazakhstan will compensate for the first quarter overproduction and submit a plan to the coalition by 30 April, the ministry said.

OPEC’s oil market monitoring committee “welcomed… Kazakhstan's pledge to achieve full conformity as well as compensate for overproduction.”

Earlier this year, OPEC+ coalition extended voluntary cuts of 2.2 million b/d until June-end to “bring a balance” in the global oil market, it argued.

These cuts have put upward pressure on oil prices this year and prompted Brent futures to rise above $90/bbl for the first time since October 2023.

By Aparupa Mazumder 

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