Kazakhstan Reaffirms OPEC+ Commitment
Kazakhstan has reaffirmed its commitment to the OPEC+ agreement, pledging to meet production targets for 2025-2026 and compensate for overproduction in 2024. The announcement came during the 58th OPEC+ Joint Ministerial Monitoring Committee meeting on Feb. 3.
Key points:
- Production adjustments: OPEC+ will gradually phase out the 2.2 million bpd voluntary cuts from April to September 2026.
- Next meeting: Scheduled for April 5 to assess compliance and future steps.
“Despite the increase in oil production this year due to the launch of the Tengiz oil field expansion project, Kazakhstan reaffirms the importance of complying with its OPEC+ obligations and will negotiate with partners within the framework of international law,” reads the Kazakh Energy Ministry’s statement.
Kazakhstan continues balancing oil output and global commitments under the OPEC+ framework.
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