Russia, Saudi Arabia, Kazakhstan affirm commitment to compensate for OPEC+ oil overproduction

On November 27, Russian Deputy Prime Minister Alexander Novak led trilateral telephone talks in Astana, Kazakhstan, alongside Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman Al Saud, and Kazakhstan’s Energy Minister, Almasadam Satkaliyev. 

The participants emphasized the importance of maintaining stability and balance in global oil markets and specifically highlighted the significant role played by the OPEC+ group in this regard, Caliber.Az reports, citing the Russian government website.

They also stressed the importance of cooperation between OPEC+ countries and their full commitment to the oil production cuts agreement, including the voluntary reductions agreed upon by the eight participating countries. 

Additionally, the parties expressed their intention to compensate for any previous overproduction of oil within their quotas.

For his part, Kazakhstan's Energy Minister confirmed Kazakhstan's full commitment to the agreement, the voluntary reduction in production, and compensation for increased production according to the updated schedule presented to the OPEC Secretariat.

By Khagan Isayev