Kazakhstan backs decision by OPEC+ to gradually raise oil production volumes - president
ASTANA. Oct 3 (Interfax) - Kazakh President Kassym-Jomart Tokayev backs the decision by OPEC+ to gradually increase oil production, the presidential press service reported.
"The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests," the press service wrote in the statement, published following Tokayev's meeting with OPEC Secretary General Haitham Al Ghais.
The Kazakh leader praised OPEC's efforts to ensure the stability and predictability of the global oil market. He also noted that he views al-Ghais's visit as an important step in developing a constructive dialogue between Kazakhstan and OPEC.
The sides also discussed joint measures aimed at strengthening the resilience of the region's energy system. They underscored the importance of ensuring a balance of interests between oil-producing countries and hydrocarbon-importing states.
OPEC+ is to hold a meeting on Sunday, October 5, to discuss production quotas for November. Media and analysts suggest these quotas may be increased.
On Thursday, Kazakh Energy Minister Yerlan Akkenzhenov said Kazakhstan was currently not meeting the schedules for compensating its oil production under the OPEC+ agreement.
"Since January, after the commissioning of the Future Growth Project at the Tengiz field, we have raised oil production, and it continues increasing. At the moment, we cannot yet fit into those compensation schedules, but Kazakhstan is taking all possible efforts to comply with the OPEC+ agreement, and we remain committed to it," Akkenzhenov said.
In September, OPEC+ mandated that members who had exceeded their production quotas, including Kazakhstan, must compensate for a collective 4.779 million barrels per day of accumulated overproduction. The schedule extends through July 2026. Kazakhstan bears the largest share of this compensation, responsible for 2.63 million barrels per day. According to an October 1 update from OPEC, Kazakhstan's accumulated compensation debt has since risen to 2.917 million barrels per day.
