The authorities of Kazakhstan have taken all necessary measures to fulfill the republic's obligations to limit oil production under the OPEC+ agreement, the press service of the Ministry of Energy of Kazakhstan reported.
„Kazakhstan confirms its commitment to its obligations under the OPEC+ agreement. In February, Kazakhstan took all necessary measures to fulfill its obligations,“ the statement said.
According to the ministry, at a virtual meeting held on March 3, the eight OPEC+ countries that had previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, “reviewed global market conditions and future prospects.“
“Minister of Energy of the Republic of Kazakhstan Almasadam Satkaliev confirmed that Kazakhstan remains fully committed to its obligations under the OPEC+ agreement, including the compensation mechanism. Kazakhstan will take further measures to fulfill its obligations, including submitting an updated compensation plan with a greater weighting on the previous months of the compensation period for excess production from January 2024,“, the press service explained.
Earlier, Satkaliev reported that the Ministry of Energy of Kazakhstan plans to increase oil production by 9.7% this year - to 96.2 million tons, as a result of a future project to expand the Tengiz oil and gas field. Its launch is planned for the second quarter of this year. In 2024, Kazakhstan produced 87.7 million tons of oil.
A day earlier, 8 OPEC+ countries, which voluntarily reduced oil production by 2.2 million barrels per day from the beginning of 2024, decided to leave in force the planned start of production restoration in April. In April, production from these alliance countries could rise by 138,000 barrels per day.
