Kazakhstan Reiterates Commitment to OPEC+ Agreement

Kazakhstan remains committed to its obligations under the OPEC+ agreement and is not considering leaving the alliance, said Prime Minister Olzhas Bektenov during a briefing with journalists, The Caspian Post reports, citing Kazakh media.

“Within the framework of OPEC+, we are doing our utmost to fulfill our obligations. In this particular period, we have not always succeeded due to the introduction of the expansion project at the Tengiz field this year. Referring back to the production sharing agreement, all of this is stipulated. We have always said that once we complete the project, we will exceed our forecasted obligations,” he said, reported Kazinform.

According to the Energy Ministry, in June, the volume of crude oil supplies from Kazakhstan reached 1.86 million barrels per day. This is higher than the level in May (1.78 million barrels per day) and exceeds the quota established under the voluntary OPEC+ agreement by almost 500,000 barrels. The growth is associated with technological and infrastructural features of the expansion of production at the country’s largest oil field, Tengiz.

On July 11, an OPEC report noted that Kazakhstan and Azerbaijan would play an increasingly important role in supplying oil to Europe in the long term. It also became known that OPEC+ will increase oil production in August.