On December 5, 2024, the 57th meeting of the Joint Ministerial Monitoring Committee and the 38th Ministerial Meeting of the OPEC+ countries were held.
Vice Minister of Energy Alibek Zhamauov took part from Kazakhstan.
The meeting participants reaffirmed their commitment to the fundamentals of the Agreement and agreed to extend the overall level of oil production for OPEC and non-OPEC member countries, in accordance with the decisions taken at the 35th OPEC+ Ministerial meeting until December 31, 2026.
The participating countries confirmed the crucial importance of full compliance with obligations and compensation for overfulfilled volumes.
8 countries (Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman), which previously announced additional voluntary reductions in April 2023 and November 2023, held a separate meeting on the sidelines of the 38th ministerial meeting of OPEC+ countries.
The meeting was held in order to strengthen the precautionary measures of the OPEC+ countries aimed at maintaining stability and balance in the oil markets.
The aforementioned countries have decided to extend additional voluntary reductions of 1.65 million barrels per day, which were announced in April 2023, until the end of December 2026. Moreover, these countries will extend their additional voluntary reductions of 2.2 million barrels per day, which were announced in November 2023, until the end of March 2025, then these voluntary reductions of 2.2 million barrels per day will be gradually canceled on a monthly basis until the end of September 2026 to maintain market stability. This monthly increase may be suspended or cancelled depending on market conditions.
The compensation period will be extended until the end of June 2026.

Source : https://www.gov.kz/memleket/entities/energo/press/news/details/897456