ASTANA — Kazakhstan will continue increasing oil production under the latest OPEC+ agreement, according to the Kazakh Energy Ministry.
Photo credit: Reuters
The announcement follows a virtual meeting of seven OPEC+ countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman on June 7, which agreed to gradually raise production as part of a coordinated effort to support stability in global oil markets.
Under the decision, the participating countries will implement a collective production increase of 188,000 barrels per day in July 2026, while maintaining flexibility to adjust output depending on market conditions.
Kazakhstan’s production quota is set to reach 1.608 million barrels per day in July, according to OPEC+ data. The group also reaffirmed its commitment to monitor global supply and demand conditions and retain the option to pause, accelerate or reverse production increases if necessary.
The Energy Ministry noted that Kazakhstan will continue to fulfill its obligations under the OPEC+ framework while pursuing the gradual growth of oil production. Earlier ministry estimates projected Kazakhstan’s production quota at 1.475 million barrels per day by July under the phased production increase agreed by OPEC+ members.
The latest decision reflects growing confidence among producers in oil market fundamentals despite persistent uncertainty surrounding global economic growth and energy demand. OPEC+ members said they would continue closely monitoring market developments and remain committed to maintaining market stability.
Kazakhstan remains one of the largest oil producers in Central Asia, with crude exports accounting for a significant share of government revenues and export earnings. The country’s production outlook has been supported by expansion projects at major fields, including Tengiz, which have contributed to higher output levels in recent months.
The OPEC+ alliance has gradually eased voluntary production cuts introduced in recent years, while emphasizing that future increases will depend on evolving market conditions.
