Kazakhstan will fulfill its commitment to OPEC+ in 2025-2026, including compensation for overproduction in 2024
ASTANA. Feb 4 (Interfax) - Kazakhstan is ready to fulfill its commitments to the OPEC+ agreement, including compensation for overproduction in 2024, the Kazakh Energy Ministry said on Tuesday.
"In light of yesterday's 58th meeting of the OPEC+ Joint Ministerial Monitoring Committee, Kazakhstan confirms its commitment to the OPEC+ agreement. Kazakhstan will take all necessary steps in 2025 and 2026 to fulfill its obligations and compensate for the overproduction in 2024," the ministry said.
Energy Minister Almassadam Satkaliyev said earlier that Kazakhstan would not adjust its oil production target for 2025 until the next OPEC+ meeting. "There are no trends yet that would prompt us to increase or decrease production. We plan to produce 96.2 million tonnes, which [is the target] the government set," Satkaliyev said.
The Energy Ministry has a number of instruments to fulfill the commitment to OPEC+, including limiting oil production at local fields, negotiations with the stakeholders of the large consortiums about reducing oil production, and others, he said.
The Energy Ministry also said earlier that the oil output target of 96.2 million tonnes for 2025 was set without taking into account the commitment to OPEC+.
As reported, Kazakhstan previously extended oil production restrictions by 2.2 million bpd for Q1 2025 as part of the OPEC+ agreement. Kazakhstan plans to maintain oil production within the OPEC+ quota for 2025, the Energy Ministry said.