Kazakhstan’s Ministry of Energy reported that the country will take all necessary measures to meet its obligations to OPEC+ in 2025 and 2026. Debates over cuts and compensations have been ongoing since last fall.
«In light of the 58th meeting of the Joint Ministerial Monitoring Committee, Kazakhstan confirms its commitment to the agreement with OPEC+. The country will take all necessary measures to fulfill its obligations and compensate for 2024 overproduction this year and next year,» the agency said in a statement.
During the meeting on Feb. 3, OPEC reported that Kazakhstan and Iraq have made progress in complying with the OPEC+ deal and plan to submit new schedules for compensating oil overproduction. These schedules, which have been monitored since January 2024, will be filed with the organization’s secretariat by the end of February.
«Despite an increase in oil output this year due to the launch of the Future Growth Expansion project at Tengiz, Kazakhstan confirms its commitment to the OPEC+ agreement and will continue to negotiate with partners within the framework of international law,» Kazakhstan’s Ministry of Energy said.
Kazakhstan plans to boost its oil production from 87.56 million tons in 2024 to 96.2 million tons in 2025. The country has already rescheduled the deadline for compensating for last year’s overproduction to the end of June 2026, whereas the previous plan was to do so by October 2025. Last year, Kazakhstan exceeded the OPEC+ quota of 1.468 million barrels per day on multiple occasions. However, the country managed to partially compensate for the overproduction in October 2024 due to an overhaul at Kashagan.
