Kazakhstan Reaffirms Commitment to OPEC+
Photo: Freepik.com, ill purposes.
Kazakhstan’s Minister of Energy, Almasadam Satkaliyev, held discussions with the country’s largest shareholders and subsoil users, Orda.kz reports.
During the talks, officials approved a schedule to meet the country’s obligations under the OPEC+ agreement and agreed on measures to compensate for production that exceeded established quotas.
In response to reports from foreign media regarding Kazakhstan’s overproduction, the Ministry of Energy issued a statement reaffirming its commitment to the OPEC+ agreement:
The Ministry of Energy of the Republic of Kazakhstan remains fully committed to the OPEC+ agreement and continues targeted efforts to fulfill its obligations, including compensation for volumes produced beyond the established quotas.
The Ministry attributed the excess production in February to “technological processes” related to the Future Growth Project at the Tengiz oil field.
In the near future, production volumes will be adjusted to fully comply with established limits. It is also important to note that Kazakhstan accounts for only 1.5% of global oil production and about 3% within OPEC+. These figures show that Kazakhstan does not have a critical impact on the global supply-demand balance. However, despite this, our country remains a reliable partner and is committed to meeting its obligations, the Ministry stated.
In February 2025, Kazakhstan reached a record-high daily output of oil and gas condensate, temporarily exceeding its OPEC+ quota. The government has assured that adjustments will be made to bring production back in line with the agreed targets.
Original Author: Raushan Korzhumbekova
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