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

"Despite the increase in production this year due to the launch of the Tengiz field expansion project, Kazakhstan reiterates the importance of fulfilling its obligations under the OPEC+ agreement and will negotiate with partners within the framework of international law," the ministry said 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 reiterated its commitment to the OPEC+ agreement on February 3 at the 58th meeting of the organization's Joint Ministerial Monitoring Committee.

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

On November 27, the Russian government announced that Moscow, Riyadh and Astana were going to compensate for overproduction of oil within 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 Satkaliyev.

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 fossil fuels is growing, with an increase of about 1.5 million barrels by the end of 2024. The OPEC+ Ministerial Monitoring Committee, according to Novak, retains the decision to restore oil production from 2025.

Source: Известия iz.ru