Kazakhstan has pledged to compensate for excess oil production in 2024, reaffirming its commitment to the OPEC+ agreements.
At the 58th meeting of the Joint Ministerial Monitoring Committee, Kazakh representatives confirmed the country’s readiness to take necessary measures in 2025 and 2026 to meet its obligations under the OPEC+ framework.
“Despite increased production this year due to the expansion of the Tengiz field, Kazakhstan remains committed to the OPEC+ agreement and will engage in negotiations with partners in accordance with international law,” the Ministry of Energy stated.
OPEC+ Efforts to Stabilize the Market
The February 3 meeting marked the first OPEC+ gathering of 2025. Participating ministers emphasized that voluntary production cuts, implemented by several member states in December 2024, have contributed to oil market stability.
Previously, on December 5, 2024, OPEC+ agreed to extend voluntary oil production limits of 2.2 million barrels per day (bpd) for the first quarter of 2025. The decision was made in response to a seasonal slowdown in demand during the winter months. A gradual easing of restrictions is expected to continue until September 2026.
The next OPEC+ monitoring committee meeting is scheduled for April 5.
