ASTANA, Kazakhstan, March 7. Kazakhstan is quite serious about fulfilling its commitments within OPEC+, said Kazakhstan’s Minister of Energy, Almassadam Satkaliyev, at today’s press conference, Trend reports.
“I would like to emphasize that we are very serious. Kazakhstan will take all necessary measures to reduce oil production. We are ready to use both administrative mechanisms and issues related to access to oil pipeline infrastructure, meaning we are serious enough to ensure that we fulfill our commitments to the OPEC+ group,” Satkaliyev said.
He noted that the overproduction of oil occurred due to the test launch of the Future Expansion Project, the Wellhead Pressure Management Project at the Tengiz oil field.
“This work is currently ongoing and there are no plans to bring the field to full capacity. Following our plans, we expect it to reach full capacity in the second half of this year,” the minister added.
OPEC countries hold two-thirds of the world’s oil reserves. OPEC produces 35-40 percent percent of all oil. Global oil exports consist of 50 percent of OPEC supplies. OPEC+ is a community of countries not part of OPEC but cooperating with the organization and with each other in certain aspects of oil production and export.