Kazakhstan Tells OPEC+ It Won't Cut Oil Production

Kazakhstan has officially informed the Organization of the Petroleum Exporting Countries (OPEC) that it does not intend to reduce its oil production levels, Orda.kz reports, citing Reuters.

Deputy Energy Minister Alibek Zhamauov stated,

Bloomberg reports that Energy Minister Yerlan Akkenzhenov echoed this stance, emphasizing that Kazakhstan's oil production is expected to surpass initial plans for 2025, largely due to accelerated expansion at the Chevron-led Tengiz oil field. 

He noted that an oil price above $70–$75 per barrel is likely suitable for all countries. 

Despite commitments to the OPEC+ agreement, Kazakhstan has consistently exceeded its production quotas, citing challenges in enforcing cuts on international partners and state-run operations. 

Analysts suggest that while Kazakhstan remains a member of OPEC+, its recent actions indicate a prioritization of national interests over strict adherence to the group's production targets. Meanwhile, there is also reason to believe that discussions around Kazakhstan and Iraq allegedly exceeding production quotas are part of a broader information strategy rather than serious market concerns.

Original Author: Nikita Drobny