"In response to publications by a number of foreign media, the Ministry of Energy of Kazakhstan declares its full commitment to the OPEC+ agreement and continues targeted work to fulfill its commitments, including compensation for volumes produced in excess of established quotas," reads the report.
The department explained that the excess of quotas in February was due to technological processes at the Tengiz field as part of the Future Growth Project.
“Kazakhstan has taken the necessary measures to compensate for the temporary increase in production. In the near future, the volumes will be adjusted in such a way as to fully comply with the established limits," the Ministry of Energy added.
Kazakhstan accounts for 1.5% of global oil production and about 3% within OPEC+, which, according to the ministry, does not have a critical impact on the world market.
"Kazakhstan consistently supports the stability of the global oil market and is fully committed to the OPEC+ agreements. We continue to closely cooperate with our partners and are ready to further implement the agreed decisions. Any further plans for the development of the oil production industry of Kazakhstan will be implemented exclusively in strict accordance with the country's international obligations and taking into account the situation on the world market," the department concluded.
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