Kazakhstan rersponds to reports regarding overproduction under OPEC+ Agreement

The Ministry of Energy of the Republic of Kazakhstan, in response to publications by a number of media outlets, declares its full commitment to the OPEC+ Agreement and continues to work purposefully to fulfill its obligations, including compensation for the overproduced volumes, according to a statement, Report informs.

At the same time, the current overproduction in February is due to technological processes within the framework of the Future Expansion Project at the Tengiz oil field, the ministry said: "This is a long-term project which is aimed at ensuring stable energy supplies, as well as fulfilling our medium-term obligations."

Minister of Energy of the Republic of Kazakhstan Almassadam Satkaliyev held talks with the major shareholders and subsoil users of the country. During the negotiations, the schedule for fulfilling obligations under the OPEC+ Agreement was confirmed, and measures were agreed to compensate for the overproduced volumes.

The Republic of Kazakhstan has taken the necessary measures to compensate for the temporary increase in production. In the near future, the volumes will be adjusted in such a way as to fully comply with the established limits. "It should also be taken into account that Kazakhstan’s share in global oil production accounts for only 1.5% and about 3% within the OPEC+. This shows that Kazakhstan does not have a critical impact on the global balance of supply and demand, however, despite this, our country remains a reliable partner and fulfills its obligations," reads the statement.