Kazakhstan reaffirmed its commitment to comply with OPEC+ commitments

Despite the expansion of the Tengiz field, Kazakhstan plans to comply with its commitments on fixed oil production to the Organization of the Petroleum Exporting Countries (OPEC +). This was stated by the Ministry of Energy of Kazakhstan on February 4.

"Despite the increase in production this year due to the launch of the Tengiz field expansion project, Kazakhstan confirms the importance of fulfilling its obligations under the OPEC+ agreement and will negotiate with partners within the framework of international law," the ministry said in a statement on its website.

The Republic will take the necessary measures to fulfill its obligations in 2025 and 2026, compensating for the excess production allowed in 2024. Astana confirmed its commitment to the OPEC+ agreement on February 3 at the 58th meeting of the organization's Joint Ministerial Monitoring Committee.

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Earlier, on November 3, 2024, OPEC+ countries decided to extend the oil production cut by 2.2 million barrels per day.

The Russian government said on November 27 that Moscow, Riyadh and Astana were going to compensate for the overproduction of oil inside OPEC+ quotas following trilateral talks between Russian Deputy Prime Minister Alexander Novak and the energy ministers of Saudi Arabia and Kazakhstan, Prince Abdulaziz bin Salman Al Saud and Almasadam Satkaliev.

Later, on February 3, 2025, Novak called the situation on the global oil market stable. The deputy prime minister pointed out that the demand for the fossil fuel resource is growing, with an increase of about 1.5 million barrels by the end of 2024. The OPEC+ Ministerial Monitoring Committee, according to Novak, maintains the decision to restore oil production from 2025.