Kazakhstan Reaffirms Commitment to OPEC+ Oil Production Cuts

The Kazakhstan Energy Ministry reiterated the country’s dedication to cutting oil production under the historic OPEC+ agreement, aimed at helping stabilize the global oil market.

This announcement followed the 58th meeting of the Joint Ministerial Monitoring Committee of OPEC+, held via videoconference on Monday.

"In light of yesterday’s 58th meeting of the OPEC+ Joint Ministerial Monitoring Committee, Kazakhstan reaffirms its commitment to the OPEC+ agreement. Kazakhstan will take the necessary measures in 2025 and 2026 to fulfill its obligations and compensate for overproduction in 2024," the ministry said in a statement on Tuesday.

Despite an increase in oil production this year, driven by the Tengiz field expansion, Kazakhstan remains steadfast in honoring its commitments. The ministry underscored the importance of cooperation within the OPEC+ framework and confirmed its plans to hold discussions with international partners to ensure compliance with the agreement.

On February 3, the OPEC+ committee upheld the current oil production policy, reinforcing the need for stability in the market. Committee members highlighted the importance of adhering to the agreement and making up for any overproduction. They also noted that delaying production increases until April 1 had positively affected market conditions.

Kazakh Energy Minister Almassadam Satkaliyev previously mentioned that the country’s oil production forecast of 96.2 million tons for 2025 did not initially factor in OPEC+ commitments. However, Kazakhstan has already extended its oil production cuts for the entire first quarter of 2025, ensuring alignment with OPEC+ regulations.

The Energy Ministry further assured that production volumes would remain within the OPEC+ quota for 2025.

The Declaration of Cooperation (DoC), adopted in 2016, facilitates coordination between OPEC member countries and certain non-OPEC oil-producing nations to stabilize the global oil market.

Initiated at the Joint OPEC and non-OPEC Ministerial Meeting on December 10, 2016, the DoC’s success has led to multiple extensions. Recognizing the need for long-term cooperation, the 6th OPEC and non-OPEC Ministerial Meeting on July 2, 2019, endorsed the “Charter of Cooperation,” establishing a permanent platform for dialogue and collaboration to ensure a secure energy supply and market stability.

The DoC participating countries have continued to demonstrate their unwavering commitment to the framework and its objective. This was evident following the severe oil market contraction during the COVID-19 outbreak, as well as a price war between Russia and Saudi Arabia that began after the Kingdom announced a massive discount in response to Moscow's refusal to tighten supply. 

OPEC has consistently stressed that its primary objective is to maintain sustainable stability in the global oil market. This goal is achieved through cooperation, technical discussions, and research, benefiting oil producers, consumers, and investors alike.

As a non-OPEC signatory of the DoC, Kazakhstan has been loyal to its obligations under the document.

Kazakhstan remains a significant player in the global oil market. It ranks as the world’s tenth-largest crude oil exporter and holds about 3% of the world’s oil reserves. The country is the third-largest oil producer in the Caspian region, following Russia and Iran, with most of its oil concentrated in major fields such as Kashagan, Tengiz, and Karachaganak.