Kazakhstan updates OPEC+ compensation schedule, assures Saudi Arabia, Russia of full commitment to deal

MOSCOW. Nov 27 (Interfax) - Kazakhstan has held talks with OPEC+ co-chair countries Russia and Saudi Arabia, and has declared its full commitment to the deal, accounting for the latest compensation schedule for oil volumes produced in excess of the alliance's quota, the Saudi Arabian Ministry of Energy said.

The talks were held in Astana between Russian Deputy Prime Minister Alexander Novak, Kazakh Energy Minister Almassadam Satkaliyev, and Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, who took part in them online.

The parties emphasized the role of OPEC+ in maintaining stability and balance in the global oil market. Additionally, they noted the importance of cooperation between the alliance member countries and compliance with all obligations established by the agreement, including voluntary production cuts and compensation for overproduction of oil.

"For his part, the Kazakh Energy Minister has confirmed the country's full commitment to the deal, including voluntary production cuts and compensation for overproduction in accordance with the updated schedule submitted to the OPEC Secretariat," according to the statement.

As reported, Novak and bin Salman the previous day held a similar meeting in Baghdad with Iraqi Prime Minister Mohammed al-Sudani and the leadership of the country's oil ministry. Following the results, the Iraqi authorities assured the alliance co-chairs of their full commitment to the deal, taking into account the new compensation schedule for overproduction of oil in previous months.

Kazakhstan, Russia, and Iraq are among the OPEC+ countries that have exceeded production volumes under the established agreements in the past months. The respective countries have been subject to schedules to compensate for the "non-reduced volumes" since August.

The talks between the countries occurred ahead of a full-scale OPEC+ ministerial meeting that is expected to take place on December 1. Kazakhstan's Deputy Energy Minister Alibek Zhamauov on Wednesday also said that the date and format of the upcoming meeting have not yet been precisely determined.