Kazakhstan will fulfill its commitments under the OPEC+ agreement in 2025 and 2026. This was reported by the press service of the Ministry of Energy of the Republic of Kazakhstan following the OPEC+ meeting, as conveyed by the business information center Kapital.kz.
“In light of yesterday's 58th meeting of the Joint Ministerial Monitoring Committee of OPEC+, Kazakhstan reaffirms its commitment to the OPEC+ agreement. Kazakhstan will take the necessary actions in 2025 and 2026 to meet its obligations and compensate for overproduction in 2024,” the ministry stated.
Despite the increase in production this year due to the launch of the Tengiz field expansion project, Kazakhstan emphasizes the importance of adhering to its commitments under the OPEC+ Agreement and will engage in negotiations with partners within the framework of international law, the sectoral agency added.
It is worth noting that it was previously reported that Kazakhstan would present a new compensation schedule for violations.
The Ministerial Monitoring Committee of OPEC+ welcomed the improvement in Kazakhstan's adherence to the agreements during the meeting, which includes additional production cuts (the countries are participating in additional cuts along with 8 other member states).
The OPEC+ alliance committee also decided to maintain the current oil production policy.