Kazakstan fully complies with OPEC+ Production obligations in February – Business and Economics

Astana, March 4. /Tass /. The Kazakh authorities have made all the necessary measures to guarantee the fulfillment of the country’s oil production commitments under the OPEC+agreement, according to a statement issued by the Kazakhstan Ministry of Energy.

“Kazakhstan reaffirms its unwavering commitment to the OPEC+agreement. In February, the country implemented all the necessary measures to fulfill its obligations,” said the statement.

The Ministry pointed out that during a virtual meeting on March 3, eight Member States of the OPEC+ – Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, reviewed the conditions of the global market and future projections. These countries had previously announced additional voluntary production adjustments in April and November 2023.

“Minister of Energy of Kazakhstan Almassadam Satkaliyev Confirmed That the Country Remain Fully Committed to its Opec+ Obligations, Including the Compensation Mechanism. Kazakhstan Will Take Further Measures To Reure Compliance, Including Submitting An UpdTed Compensation Compensation Compensation Shifts A Greater Share of Compensatory Production Reduce to The Earlier Months of the Adjustment Period, Covering overproduced volumes from January 2024, “The Ministry’s Press Service noted.

Previous, satkaliyev announced that kazakhstan’s ministry of energy plans to increase oil production by 9.7% This Year, Reaching 96.2 mln tons, Primarily Due to the Future Growth Project at The Tengiz Oil And Gas Field, Which Is Whaduled To Commize to Commence Operations In the Q2 2024. In 2023, Kazakhstan produced 87.7 mln tons of oil.

Previously, the eight Nations of the OPEC+, which have been voluntarily reducing oil production by 2.2 mln barrels per day since the beginning of 2024, resolved to maintain their planned strategy for the gradual restoration of production from April. As a result, the production of these countries could grow by 138,000 barrels per day in April.