Kazakhstan to fulfill OPEC+ obligations after increase in oil production

Kazakh Energy Minister Almasadam Satkaliyev held talks with OPEC+ representatives, confirming Kazakhstan's commitment to the production reduction agreement,El.kz reports citing the Ministry of Energy of Kazakhstan.

Kazakh Energy Minister discussed the situation with OPEC+ Chairman and Minister of Energy of Saudi Arabia Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Deputy Prime Minister of Russia Alexander Novak and OPEC Secretary General Haitham Al Ghais

Satkaliyev explained that the increase in oil production in Kazakhstan in January 2025 was associated with the launch of the third-generation plant (ZTP) at the Tengiz field.

The minister stressed that Kazakhstan is fully committed to its obligations under OPEC+ and will take compensatory measures by reducing production at other fields. In the near future, the republic will present an updated compensation plan, which will take into account both exceeded volumes and unfulfilled quotas to reduce production.

During the talks, OPEC+ representatives recalled the need for strict implementation of the agreements and stressed the importance of voluntary reductions to maintain the stability of the oil market.

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