Kazakhstan Reaffirms Commitment to OPEC+ Agreement Amid Overproduction Claims

In response to recent reports by foreign media, Kazakhstan's Ministry of Energy has reaffirmed the country's full commitment to the OPEC+ Agreement and its ongoing efforts to meet its obligations, including compensating for overproduced volumes.

The Kazakh Energy Ministry said in a statement that the current overproduction in February is due to technological processes within the framework of the Future Expansion Project at the Tengiz oil field. This is a long-term project which is aimed at ensuring stable energy supplies, as well as fulfilling the country’s medium-term obligations, The Caspian Post reports, citing Kazinform.

The country's Energy Minister Almassadam Satkaliyev held talks with the major shareholders and subsoil users of the country. During the negotiations, the schedule for fulfilling obligations under the OPEC+ Agreement was confirmed, and measures were agreed to compensate for the overproduced volumes.

"Kazakhstan has taken the necessary measures to compensate for the temporary increase in production. In the near future, the volumes will be adjusted in such a way as to fully comply with the established limits. It should also be taken into account that Kazakhstan’s share in global oil production accounts for only 1.5% and about 3% within the OPEC+. This shows that Kazakhstan does not have a critical impact on the global balance of supply and demand, however, despite this, the country remains a reliable partner and fulfills its obligations," said the ministry.

Kazakhstan has consistently supported the stability of the global oil market and is fully committed to OPEC+ Agreements.

"We continue to work closely with our partners and are ready to further implement the agreed decisions. Any further plans for the development of Kazakhstan's oil industry will be implemented exclusively in strict accordance with the country's international obligations and taking into account the situation on the global market," reads the statement.