Kazakhstan made a statement on the OPEC+ agreement

Tengrinews.kz - The Ministry of Energy of Kazakhstan issued a statement regarding the OPEC+ agreement.

"In light of yesterday's 58th meeting of the Joint Ministerial Monitoring Committee of OPEC+, Kazakhstan reaffirms its commitment to the OPEC+ agreement. Kazakhstan will take the necessary measures in 2025 and 2026 to fulfill its obligations and compensate for overproduction in 2024," the statement said.

It was noted that despite an increase in production this year due to the launch of the Tengiz field expansion project, Kazakhstan emphasizes the importance of adhering to its commitments within the OPEC+ framework and will hold negotiations with partners under international law.
Additionally, on February 3, the OPEC+ committee decided to maintain the current oil production policy. Participants highlighted the importance of upholding the agreement and compensating for overproduction. They also noted that the delay in increasing production until April 1 helped stabilize the market.