ALMATY (Interfax-Kazakhstan) – Kazakhstan conveys its full commitment to compensate for overproduced oil volumes under the OPEC+ deal, OPEC said.

OPEC and its allies have taken a two-month pause while restoring some of the millions of barrels of crude output they halted when COVID-19 emerged to crush fuel demand last spring. Saudi Arabia is tightening supplies further this month and next with a unilateral cut of 1 mln b/d. The committee left any discussion on what to do after the end of the two-month interruption to its next full ministerial meeting in early March. OPEC+ currently retains just over 7 mln b/d, or about 7% of global supply.