Kazakhstan has reaffirmed its commitment to the OPEC+ agreement and will fully fulfill its previously pledged obligations. This was stated by the Ministry of Energy, according to the national portal “Adyrna.”
“Despite the expected increase in production this year due to the launch of the Tengiz field expansion project, Kazakhstan confirms the importance of adhering to its commitments under the OPEC+ agreement and will negotiate with partners within the framework of international law,” the ministry’s website stated.
According to the statement, Kazakhstan must compensate for excess production in 2024 and is required to produce oil strictly within the agreed limits for 2025-2026.
Since joining OPEC+, Kazakhstan has coordinated its oil production levels. However, in recent years, the country has repeatedly exceeded its agreed production limits. From January to October last year, it produced 1.11 million barrels more than the allocated quota.
