Kazakhstan has no plans to change its format of participation in the OPEC+, the country’s Energy Ministry said.
«Currently, the issue of changing the country’s format of participation in the alliance is not on the agenda,» the ministry said in a statement.
Market context
Reports that the United Arab Emirates would withdraw from both OPEC and OPEC+ effective May 1 have drawn market attention, as such a move would allow the country to increase oil production.
Amid the news, Brent crude prices rose. June futures on the Intercontinental Exchange were recently trading at $112.45 per barrel, up 1.07%.
Kazakhstan’s position
Kazakhstan is not a member of OPEC but participates in the OPEC+ production agreement alongside countries including Saudi Arabia, Russia, the UAE, Algeria, Iraq, Kuwait and Oman. Within the group, the UAE has held the third-largest production quota after Saudi Arabia and Russia.
Ongoing tensions
Some Kazakh analysts have suggested the country should consider leaving OPEC+, as it has frequently exceeded production quotas, partly due to expanded output at the Tengiz oil field.
At the same time, OPEC and OPEC+ leaders have pressured Kazakhstan to curb production. The country has repeatedly fallen short of its commitments under the agreemen.
