Kazakhstan has confirmed it will remain a part of the OPEC+ agreement on oil production cuts, despite persistently exceeding its allocated quotas. Prime Minister Olzhas Bektenov made the announcement at a press conference on Tuesday, while also revealing that the government is initiating negotiations to revise production sharing agreements (PSAs) with foreign investors operating in the country’s largest oil and gas fields.
The OPEC+ agreement, an alliance between OPEC members and non-OPEC oil-producing countries, including Kazakhstan, aims to coordinate output to stabilize global energy markets. Under the current deal, signed in December 2023, member states voluntarily committed to cutting combined oil production by 2.17 million barrels per day through the end of 2026.
However, Kazakhstan has consistently exceeded its quota in recent months. According to the Ministry of Energy, oil exports in June 2025 reached 1.86 million barrels per day, 80,000 more than in May and nearly 500,000 barrels above the country’s voluntary limit.
The surge is primarily attributed to the expansion of the Tengiz oil field, one of Kazakhstan’s largest energy projects. The $49 billion Future Growth Project is already operational and is expected to boost annual output by 12 million tons, or roughly 260,000 barrels per day, an increase of nearly 40%.
Acknowledging the challenges of meeting OPEC+ targets, Bektenov emphasized Kazakhstan’s continued commitment to the deal:
“We are not considering withdrawing from the OPEC+ agreement, as we believe it is useful and contributes to stability in the oil market,” Bektenov stated. “We will strive to fulfill our obligations, but with national interests in mind.”
At the same time, Bektenov underscored the government’s limited control over production levels at key fields such as Tengiz, Karachaganak, and Kashagan, where foreign investors hold substantial stakes.
“We cannot demand that our partners reduce production, as they have made significant investments and are counting on a return,” he said.
To address this issue, Kazakhstan has begun discussions with investors to revise existing PSAs, aiming to secure a greater share of national revenues from energy production.
“There is a view that the country’s interests are not fully reflected in the existing agreements. We are starting a dialogue on new agreements for a new period,” Bektenov said. “At the same time, we will act carefully to maintain the investment climate.”
This dual strategy, upholding international commitments while seeking more favorable terms, illustrates Kazakhstan’s intent to balance global cooperation with national economic priorities.
PSAs for the country’s three main oil fields are due to expire in the coming decades: Tengiz in 2033, Karachaganak in 2037, and Kashagan in 2041. Together, these fields account for approximately two-thirds of Kazakhstan’s total oil output, 67 million out of 90 million tons annually.
As previously reported by The Times of Central Asia, President Kassym-Jomart Tokayev instructed the government in January to begin seeking revisions to the PSA terms well ahead of their expiration.
