ASTANA — Kazakh Minister of Energy Yerlan Akkenzhenov took part in the 59th Joint Ministerial Monitoring Committee of OPEC+ (JMMC) meeting, held via videoconference on April 5.
Photo credit: Ramzi Boudina/Reuters.
According to the ministry’s press service, the Committee reviewed data on member countries’ conformity with the OPEC+ Agreement for January and February 2025, acknowledged the overall compliance level, and discussed ongoing trends in the global oil market.
The Committee expressed appreciation for the additional voluntary cuts made by eight participating countries, including Kazakhstan, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Algeria, and Oman, to help maintain market stability and emphasized the critical importance of full compliance and compensation for any deviations.
Kazakhstan also participated in a separate meeting on April 3 with the same group of countries to jointly assess the market situation. Following the discussions, the participants agreed to adjust the previously established schedule for the gradual return of production volumes to the market, considering current conditions and the broader goal of market stability.
The ministry reaffirmed Kazakhstan’s commitment to the OPEC+ agreements and emphasized its intention to continue constructive cooperation with its partners in the alliance, guided by both international obligations and national interests.
