Kazakhstan Commits to OPEC+ Agreement Amid Oil Overproduction

Kazakhstan's energy ministry announced plans to meet its OPEC+ obligations in 2025 and 2026, despite increased oil production this year. The expansion of the Tengiz field led to overproduction in 2024, but Kazakhstan emphasizes the importance of adhering to the agreement.

Kazakhstan's energy ministry has pledged to fulfill obligations under the OPEC+ agreement in 2025 and 2026, according to a statement released on Tuesday. This commitment comes as the country aims to address oil overproduction issues in 2024.

The Central Asian nation experienced a surge in oil production this year, attributed to the launch of the Tengiz field expansion project. Despite this increase, Kazakhstan remains committed to complying with the OPEC+ agreement, the ministry stated.

The energy ministry highlighted the importance of the agreement in stabilizing global oil markets, reiterating Kazakhstan's dedication to compensating for any overproduction as part of its long-term strategy.

(With inputs from agencies.)