ASTANA, Kazakhstan, December 18. The Ministry of Energy of Kazakhstan has confirmed the country’s commitment to the OPEC+ agreement for 2025, Trend reports.
According to the ministry, despite recent maintenance and upgrades at major oil fields enhancing production capabilities, Kazakhstan plans to adhere to its OPEC+ obligations and compensation plan.
Recent maintenance at key oil fields, including the Kashagan field, has improved technical capacities. The Kashagan field underwent maintenance from October 7 to October 28, 2024, which was completed ahead of schedule, leading to adjustments in the 2024 oil production forecast from 90.5 million tons to just over 88 million tons.
Additionally, unscheduled maintenance at the Tengiz oil field, which began in late October, is expected to continue until the end of December 2024. The capacity expansion program at Tengiz aims to boost crude production by an incremental 260,000 barrels per day to 1 mb/d.
Meanwhile, OPEC+ countries have agreed to extend their additional voluntary adjustments until the end of March 2025. As such, Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman decided to extend the additional voluntary adjustments of 1.65 mb/d that were announced in April 2023, until the end of December 2026.