Kazakh Prime Minister Affirms Full Commitment to OPEC+ Agreement
Kazakhstan is fully committed to its obligations under the OPEC+ agreement and has no plans to leave the alliance, Prime Minister Olzhas Bektenov stated during a July 15 press briefing.
According to the Energy Ministry, Kazakhstan’s crude oil supply in June reached 1.86 million barrels per day, surpassing the May figure of 1.78 million barrels and exceeding the voluntary OPEC+ quota by nearly 500,000 barrels. This increase is linked to technological and infrastructure advancements related to the expansion of production at Kazakhstan’s largest oil field, Tengiz.
“Within the framework of OPEC+, we are doing our utmost to fulfill our obligations. In this particular period, we have not always succeeded due to the introduction of the expansion project at the Tengiz field this year. Referring back to the production sharing agreement, all of this is stipulated. We have always said that once we complete the project, we will exceed our forecasted obligations,” he said, reported Kazinform.
An OPEC report released on July 11 highlighted Kazakhstan and Azerbaijan as key players expected to increase their role in supplying oil to Europe over the long term. The report also confirmed that OPEC+ plans to raise oil production in August.
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