Nur-Sultan: Kazakhstan reaffirmed its commitment to adjusting its oil production to align with its agreed OPEC+ quota, following an overproduction in February.
In a statement, the Kazakh Ministry of Energy announced that measures have been taken to compensate for the temporary increase in production, emphasizing that future output will strictly adhere to the prescribed limits.
The ministry reiterated the country’s full commitment to its OPEC+ agreement, explaining that February’s overproduction resulted from technological operations in the Future Growth Project at the Tengiz oil field.
This long-term project aims to ensure stable energy supplies while fulfilling medium-term obligations.
Downplaying its impact on the global market, the ministry noted that Kazakhstan accounts for only 1.5% of global oil production and approximately 3% of OPEC+ output.
It stressed that the country remains a reliable partner that honors its commitments and will implement future production plans in full compliance with its international obligations, considering global market conditions.
The Organization of the Petroleum Exporting Countries (OPEC) reported today that Kazakhstan led a significant surge in OPEC+ crude oil production in February.
According to OPEC data, Kazakhstan produced 1.767 million barrels per day (BPD) last month, up from 1.570 million BPD in January, exceeding its OPEC+ quota of 1.468 million BPD.
