ASTANA – Kazakhstan reaffirmed its commitment to the OPEC+ agreement during the 58th meeting of the OPEC+ Joint Ministerial Monitoring Committee, which took place via video conference on Feb. 3. Kazakhstan will take the necessary measures in 2025 and 2026 to fulfill its obligations and compensate for the volumes overproduced in 2024.
“Despite the increase in oil production this year due to the launch of the Tengiz oil field expansion project, Kazakhstan reaffirms the importance of complying with its OPEC+ obligations and will negotiate with partners within the framework of international law,” reads the Kazakh Energy Ministry’s statement.
The next meeting is scheduled for April 5.
In December last year, the countries agreed to extend their additional voluntary adjustments of 2.2 million barrels per day, announced in November 2023, until the end of March this year. Then, the adjustments will be gradually phased out every month until the end of September 2026.
