ASTANA, Kazakhstan, February 14. Kazakhstan intends to fulfill its production obligations under the OPEC+ agreement, Trend reports, citing the Energy Ministry of Kazakhstan.
As the ministry noted, following the results of the 36th OPEC+ ministerial meeting, held on November 30, 2023, Kazakhstan and other OPEC+ member countries accepted new voluntary commitments, starting in January 2024, to maintain stability and balance in the global oil market.
"Kazakhstan has always supported the initiatives of OPEC+ member countries. Despite exceeding commitments in January 2024, Kazakhstan will compensate for the overproduction over the next four months and will continue to meet its production commitments agreed at the 35th OPEC+ ministerial meeting held on June 4, 2023, as well as additional voluntary commitments made by some OPEC and non-OPEC countries in April 2023 and subsequent agreements adopted in November 2023 for February and March 2024," the ministry said.
Meanwhile, Kazakhstan's oil production in January 2024 amounted to 1.56 million barrels per day (mmb/d). As indicated in a Platts survey conducted by S&P Global Commodity Insights, daily oil production remained unchanged compared to December 2023.
Moreover, Kazakhstan exceeded its production quota of 1.468 million barrels per day, established under the OPEC+ agreement. Thus, in January, Kazakhstan exceeded its quota by 92,000 barrels per day.
Earlier, the Minister of Energy of Kazakhstan Almasadam Satqaliev said that in 2023, the oil production in the country amounted to about 90 million tons, although it was initially planned to produce 92–93 million tons of oil.
According to him, about 18 million tons of oil produced in 2023 came from the domestic market. About 56 million tons were exported through the Caspian Pipeline Consortium.
Moreover, the country plans to increase oil production in 2024 to 90.3 million tons.