The authorities of Kazakhstan continue to follow the agreements as part of the implementation of the republic's obligations under the OPEC+ agreement, the press service of the Ministry of Energy of Kazakhstan reported after a meeting of the OPEC+ Ministerial Monitoring Committee.
Kazakhstan was represented by Energy Minister Erlan Akenzhenov at the meeting of the OPEC+ Ministerial Monitoring Committee. "During it, data on the implementation of obligations by the participating countries under the OPEC+ agreement for January-February 2025 were reviewed. The general level of implementation for OPEC+ countries was also noted, and current trends in the global oil market were also discussed. The committee welcomed the additional voluntary reductions by eight countries to maintain market stability and noted the critical importance of achieving full compliance and compensation," the press service explained.
The ministry recalled that Kazakhstan also participated in the meeting on April 3, during which 8 countries implementing additional voluntary reductions, including Kazakhstan, conducted a joint assessment of the market situation. “As a result of the meeting on April 3, it was decided to adjust the previously agreed schedule for the gradual return of volumes to the market, taking into account the emerging market situation and in the interests of stability“, the press service explained.
On April 3, eight OPEC+ countries that have voluntarily committed to reducing oil production by 2.2 million barrels per day from the beginning of 2024 held an online meeting. Based on its results, it was decided to accelerate the increase in oil production to 411,000 barrels per day in May instead of the initially planned 135,000 barrels per day.