Kazakhstan not considering withdrawal from OPEC+ deal

Kazakhstan is not considering the option of withdrawing from the OPEC+ deal, Prime Minister of Kazakhstan Olzhas Bektenov said at a press conference in Astana, Report informs.

"I would like to clarify that Kazakhstan is not a member of OPEC, but a participant in the OPEC+ deal. As part of OPEC+, Kazakhstan is trying its best to fulfill its commitments, but in the current period, this does not always work out due to the implementation of the Future Expansion Project at the Tengiz field, provided for by the Production Sharing Agreement (PSA). Therefore, we warned our OPEC+ colleagues in advance at each meeting that this year we will exceed production volumes, since in accordance with the PSA, we cannot set restrictions for partners in the Tengiz field development project," Bektenov said.

He underscored that the total investment of partners in the Tengiz development project amounted to $49 billion, therefore "our partners should make a profit with such investments."

"But we are not considering the option of withdrawing from the OPEC+ deal, since OPEC+ contributes to stability in the oil market," noted Olzhas Bektenov.