Major oil producers in Kazakhstan agree to reduce oil production

Kazakhstan intends to compensate for excess oil production since January 2024 ahead of schedule under the OPEC+ agreement, Minister of Energy Almasadam Satkaliyev said, according to Report.

"A meeting of OPEC+ countries took place, during which all participants, including Kazakhstan, confirmed their readiness to fully comply with the established quotas and compensate for previously exceeded oil production volumes," Satkaliyev stated.

He added that, to achieve this goal, the Ministry of Energy of Kazakhstan held consultations with participants and shareholders of international consortia operating the Kashagan and Tengiz fields.

"We plan to continue this work next week at the level of top executives of major companies, including ExxonMobil, Total, Shell, and other shareholders. We have set a serious task for them to reduce oil production volumes in the Republic of Kazakhstan in order to meet planned targets," the minister added.

He emphasized that the discussions were productive: "Kazakhstan did not receive any refusals from the companies. We discussed the possibilities of implementing the task set by the government of the Republic of Kazakhstan. We are very serious about this. Kazakhstan will take all necessary measures to reduce production."