OIL MARKET: Kazakhstan, Iraq pledge to compensate for overproduced volumes
Kazakhstan has pledged to make up for its previous over-production, according to the Organisation of Petroleum Exporting Countries, OPEC.
In a statement obtained by The Daily, www.thedaily-ng.com, OPEC stated: “Kazakhstan continues to demonstrate its full support for the decisions taken at OPEC and non-OPEC Ministerial Meetings (ONOMM), most recently the 13th ONOMM on 4/5 January 2021.
“Over past months, Kazakhstan has taken steps to not only realize full conformity to its production adjustment but also to compensate for overproduced volumes. Its commitment to this process will continue in the coming months, as all Participating Countries in the Declaration of Cooperation (DoC) strive for a balanced market and much needed sustainable stability.”
It added: “Kazakhstan offers its continued full support to the DoC, will take further steps to compensate for overproduced volumes, and underlines the importance of fairness and equitability in the DoC.”
The organization has also disclosed the commitment of Iraq to compensate for overproduced volumes.
It stated: “Iraq reiterates its commitment to adhering to full conformity and compensating for overproduced volumes in accordance with decisions taken at OPEC and non-OPEC Ministerial Meetings (ONOMM), most recently the 13th ONOMM on 4/5 January 2021.
“Iraq remains resolute in the core Declaration of Cooperation (DoC) objectives of rebalancing the market and achieving much needed sustainable stability.”
It added: “The attainment of 100% conformity from all Participating Countries, and compensating for overproduced volumes, is both fair and equitable to all participating countries in the DoC.”