Kazakhstan has confirmed that it fully met its obligations under the Organization of the Petroleum Exporting Countries agreement for crude oil production in July and August, following the 56th meeting of the Joint Ministerial Monitoring Committee (JMMC) on Oct. 2.
According to the Kazakh Ministry of Energy, JMMC conducted three separate technical seminars in August and September with analytical agencies for Iraq, Kazakhstan, and Russia to ensure compliance with their compensation plans. Three countries have reaffirmed their commitment to the production and compensation plans submitted in September.
The JMMC emphasized the importance of fulfilling these obligations, noting that the committee will continue to monitor compliance with the agreed production targets, including any voluntary reductions. The committee will also assess market conditions regularly.
The next JMMC meeting is scheduled for Dec. 1, 2024.