Kazakhstan's Energy Minister Discusses Oil Production Plans and Response to US Output Increase

Energy Minister Almassadam Satkaliyev addressed oil production targets for this year and Kazakhstan's response to US plans to increase oil production during a briefing in Astana, reports Orda.kz.

According to the minister, OPEC+ member countries, including Kazakhstan, will meet soon.

They will discuss their response to US authorities' plans to boost oil production. The members and partners will develop a coordinated position to prepare for possible changes in the global market.

Our position is collegial, we will make decisions together with our partners,  noted Satkaliyev.

The Minister emphasized that Kazakhstan intends to comply with OPEC+ production quotas, although it failed to do so throughout the past year.

Satkaliyev also announced the official 2025 oil production target.

Kazakhstan has voluntarily done everything possible to fulfill its obligations to limit production volumes. For the current year, the government has set a task for the oil and gas industry to produce no less than 96 million tons of oil, said the Energy Minister.

Almassadam Satkaliyev emphasized that the country has ways to adapt to market conditions if the US significantly increases production.

Kazakhstan has certain tools. As you know, we can limit production at our own fields. We have a policy related to the possibility of direct negotiations with major consortiums to reduce production volumes, he said.

The Ministry of Energy is adjusting its 2025 oil production plans for the second time.

While the ministry initially spoke about 97.2 million tons, this figure was later reduced to 96.2 million, and today, Almassadam Satkaliyev clarified that it is now 96 million tons.

Original Authors: Artyom Volkov, Nikita Drobny