ASTANA, Kazakhstan, March 13. In reaction to coverage by several foreign press outlets, the Ministry of Energy of Kazakhstan reaffirms its full commitment to the OPEC+ agreement and continues its targeted work to fulfill obligations, including compensating for volumes produced above the established quotas, Trend reports via the Ministry of Energy of the Republic of Kazakhstan.
Simultaneously, the ministry stated that the current excess in quotas in February is due to technological processes within the framework of the Future Expansion Project (FEP) at the Tengiz field. According to the ministry, this project is long-term and aimed at ensuring stable energy resource supplies, as well as fulfilling Kazakhstan’s medium-term obligations.
“Kazakhstan’s Minister of Energy, Almassadam Satkaliev, held talks with the largest shareholders and subsoil users in the country. During the discussions, the schedule for fulfilling the OPEC+ agreement obligations was confirmed, and measures to compensate for the volumes produced above the established quotas were agreed upon,” the Ministry noted.
The ministry also drew attention to the fact that Kazakhstan has taken the necessary steps to compensate for the temporary increase in production. In the near future, production volumes will be adjusted to comply with the established limits fully.
“One should also consider that Kazakhstan accounts for only 1.5 percent of global oil production, and within the OPEC+ framework – about 3 percent. These figures demonstrate that Kazakhstan does not have a critical impact on the global supply and demand balance; however, despite this, our country remains a reliable partner and fulfills its commitments,” the Ministry added.
As a final point, it was observed that Kazakhstan consistently supports the stability of the global oil market and is fully committed to the OPEC+ agreements.
Commitment to OPEC+ (the Organization of the Petroleum Exporting Countries and non-OPEC countries that have agreed to cooperate) means that the participating countries are committed to adhering to agreements on reducing oil production to stabilize global oil prices. OPEC+ agreements are often made to regulate oil production levels in order to maintain prices. Each OPEC member country and countries that have joined the group are obligated to comply with the established production limits.