Kazakhstan's Energy Ministry Affirms OPEC+ Commitments
Photo: RK Ministry of Energy
The Ministry of Energy of the Republic announced strict compliance with OPEC+ agreements and readiness to compensate for oil overproduction in the next two years, reports Orda.kz.
Due to the recent expansion of the Tengiz field, Kazakhstan has increased its oil production to 10,000 tons daily. At the 58th meeting of the OPEC+ Joint Ministerial Monitoring Committee, Kazakhstan once again confirmed its commitment to the agreement.
Despite the increase in production this year due to the launch of the Tengiz field expansion project, Kazakhstan confirms the importance of fulfilling obligations under the OPEC+ agreement and will conduct negotiations with partners within the framework of international law, the Ministry of Energy stated.
Currently, Kazakhstan intends to balance production growth and obligations to the cartel to ensure oil market stability.
Original Author: Alina Pak
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