Kazakhstan confirms it exceeded OPEC+ quota in February

Despite the continuous exceeding of quotas, Kazakhstan strives to fulfill its obligations / Photo: Shutterstock

Kazakhstan’s Ministry of Energy admitted that the country had exceeded an OPEC+ oil production quota. The agency cited «operating procedures» within the Future Growth Project (FGP) at Tengiz as the reason for this occurrence. The ministry has vowed to compensate for the temporary increase in production.

«The current exceeding of oil production quotas in February is due to operating procedures within the Future Growth Project (FGP) at Tengiz. This project is long-term in nature and aims to secure stable energy resource supplies and fulfill our mid-term obligations,» the agency said in a statement.

Earlier this week, Kazakhstan’s Minister of Energy Almasadam Satkaliyev held talks with the largest subsoil users and shareholders of oil companies operating in Kazakhstan. As a result, oil producers and the ministry established a schedule for meeting obligations under the OPEC+ agreement and approved measures to compensate for the production volumes that exceeded the set quotas. These volumes are expected to be aligned with approved oil output limits in the near future.

According to the ministry, while Kazakhstan isn’t a major player in setting a global balance between oil supply and demand, it remains committed to fulfilling its obligations. Currently, the country accounts for 1.5% of global oil production and approximately 3% within OPEC+.

«Kazakhstan irrevocably stands for the stability of the global oil market and is fully committed to the OPEC+ arrangements. We continue to maintain close cooperation with our partners and are ready to fulfill approved arrangements. Any further plans for developing Kazakhstan’s oil sector will be carried out exclusively within the framework of the country’s international obligations. The global market situation will also be taken into account,» the statement read.

Yesterday, Bloomberg reported that Kazakhstan breached the set quota once again. According to the media outlet, in February, the country surpassed OPEC+ limits by roughly 300,000 barrels per day.

Moreover, various media sources reported that Kazakhstan exceeded the OPEC+ quota in January as well. Satkaliyev explained that this increase in production was due to test work within the FGP at Tengiz and noted that it was temporary.

In early February, Kursiv.media reported that Kazakhstan would take all necessary measures to meet its obligations to OPEC+ in 2025 and 2026. The Ministry of Energy also pledged to present new oil production compensation schedules.