Kazakhstan updates OPEC+ compensation plan, confirms full commitment to dealKazakhstan held talks with the OPEC+ co-chairs, Russia and Saudi Arabia, and declared its full commitment to the deal, taking into account the new compensation schedule for oil produced in excess of the quota set by the alliance, the Saudi Energy Ministry said in a statement.The talks were held in Astana between Russian Deputy Prime Minister Alexander Novak, Kazakh Energy Minister Almasadam Satkaliyev and Saudi Energy Minister Prince Abdulaziz bin Salman, who participated online.The parties emphasized the role of OPEC+ in maintaining stability and balance in the global oil market. In addition, they noted the importance of cooperation among the alliance's member countries and compliance with all obligations set out in the agreement, including voluntary production cuts and compensation for oil overproduction."For his part, the Energy Minister of Kazakhstan confirmed the country's full commitment to the agreement, including voluntary production cuts and compensation for overproduction in accordance with the updated schedule submitted to the OPEC Secretariat," the statement said.Iraq, Kazakhstan and the Russian Federation are among the countries that have allowed production to exceed agreed levels in recent months. Compensation plans have been put in place for them.The talks between the countries took place ahead of a full OPEC+ ministerial meeting, which is expected to take place on December 1. Kazakhstan's deputy energy minister Alibek Zhamauov said on Wednesday that the date and format of the upcoming meeting had not yet been decided. (ICE ALMATY)

Fonte notizia: INTERFAX