Kazakhstan Puts National Interests First in OPEC+ Oil Standoff

Kazakhstan's new Energy Minister, Erlan Akkenzhenov, emphasizes prioritizing national interests over OPEC+ directives regarding oil production levels, escalating tensions with top members like Saudi Arabia. Limited reduction capability in major projects, operated by foreign entities, compounds the issue, prompting calls for national interest-focused decisions.

Kazakhstan's newly appointed Energy Minister, Erlan Akkenzhenov, has declared a national interest-first approach in determining the country's oil production levels, a move that heightens tensions within the OPEC+ alliance.

According to sources at OPEC+, including the influential Saudi Arabia, Kazakhstan's increased output has been a point of contention. Akkenzhenov explained that Kazakhstan's key oil projects, heavily influenced by foreign ownership, preclude significant production cuts.

In his statement, Akkenzhenov underscored the country's commitment to recalibrating its oil policies around national priorities, a decision he describes as essential in the current geopolitical landscape.

(With inputs from agencies.)