Kazakhstan reaffirms OPEC+ pledge amid market scrutiny

Kazakhstan will adhere to its OPEC+ obligations and plans to compensate for excess oil production ahead of schedule, according to Minister of Energy Almassadam Satkaliyev. He made the statement during a recent meeting with OPEC+ members.

«Kazakhstan will take further measures to comply with its obligations, including the submission of an updated and front-loaded compensation plan to account for its outstanding compensation volumes recorded since January 2024,» the Ministry of Energy said.

The agency added that Kazakhstan took all necessary steps last month to fulfill its commitments.

In early February 2025, media reports indicated that Kazakhstan had pledged to take further measures to meet its OPEC+ obligations regarding oil production cuts in 2025 and 2026. On Feb. 3, OPEC reported that Kazakhstan had made progress in complying with the agreement and planned to submit new schedules for compensating excess production.

Kazakhstan aims to increase oil production from 87.56 million tons in 2024 to 96.2 million tons in 2025. The country has already postponed its deadline for compensating last year’s overproduction to the end of June 2026, extending it from the previous deadline of October 2025. In 2024, Kazakhstan repeatedly exceeded its OPEC+ production quota of 1.468 million barrels per day. However, the country managed to partially offset this overproduction in October 2024 due to maintenance work at the Kashagan oil field.