Kazakhstan to Increase Oil Production Under OPEC+ Agreement

NUR-SULTAN – Kazakhstan will continue increasing oil production under the OPEC+ agreement, said Kazakh Energy Minister Magzum Mirzagaliyev, who represented Kazakhstan at the 23rd OPEC and non-OPEC ministerial meeting on Tuesday. 

Mirzagaliyev attends the meeting via videoconference. Photo credit: Kazakh Energy Ministry

The meeting reaffirmed the continued commitment of the countries to ensure a stable and balanced oil market and agreed to increase production by 400,000 barrels per day in January. 

The conformity of OPEC member countries to their commitments was 108 percent in October.

The participants also agreed that the meeting will remain in session “pending further developments of the pandemic” and they will “make immediate adjustments if required.”

In December, Kazakhstan’s quota under the agreement is set at 1.556 million barrels per day and monthly production will be increased by an average of 16,000 barrels per day bringing the January quota to 1.572 million barrels per day. 

The next ministerial meeting is scheduled to take place on Jan. 4, 2022.

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