Kazakhstan vows OPEC+ compliance, admits lag on compensation quotaKazakhstan has fallen behind on its schedule to compensate for previous overproduction under the OPEC+ agreement but remains fully committed to the deal, according to Energy Minister Yerlan Akkenzhenov.The issue stems from increased output following the January launch of the Future Growth Project at the giant Tengiz field. "Since January, when the Future Growth Project at the Tengiz field was launched, we have increased our production; it naturally adds up," Akkenzhenov told reporters on the sidelines of the KAZENERGY forum in Astana."We are currently not meeting the compensation schedule, but Kazakhstan is taking all necessary steps to comply with the OPEC+ agreement and remains committed to it." He added that the country has seen "some results" in its efforts to meet the compensation plan.In September, OPEC+ mandated that members who had exceeded their production quotas, including Kazakhstan, must compensate for a collective 4.779 million barrels per day of accumulated overproduction. The schedule extends through July 2026. Kazakhstan bears the largest share of this compensation, responsible for 2.63 million barrels per day. According to an October 1 update from OPEC, Kazakhstan's accumulated compensation debt has since risen to 2.917 million barrels per day.The Future Growth Project at the Tengiz field was launched in January 2025. The project is designed to increase the field's total crude oil production by 12 million tonnes per year. (ICE ALMATY)

Fonte notizia: INTERFAX