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OIL: Kazakhstan Reaffirms Commitment to OPEC+ Quotas Despite Tengiz Rise

OIL
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Kazakhstan will do whatever is necessary to fulfil its OPEC+ obligations in 2025 and 2026 and compensate for overproduction in 2024, Kazakhstan's energy ministry said.

  • "Despite the increase in production this year due to the launch of the Tengiz field expansion project, Kazakhstan confirms the importance of complying with its obligations under the OPEC+ Agreement,"
  • A focus for OPEC+ remains on compliance with quotas after previous overproduction in 2024 from members such as Russia, Iraq and Kazakhstan.
  • Daily output from Kazakhstan’s largest field, Tengiz, rose to a record of 870k b/d late in Jan, up 45% from the 2024 average, sources told Reuters.
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Kazakhstan will do whatever is necessary to fulfil its OPEC+ obligations in 2025 and 2026 and compensate for overproduction in 2024, Kazakhstan's energy ministry said.

  • "Despite the increase in production this year due to the launch of the Tengiz field expansion project, Kazakhstan confirms the importance of complying with its obligations under the OPEC+ Agreement,"
  • A focus for OPEC+ remains on compliance with quotas after previous overproduction in 2024 from members such as Russia, Iraq and Kazakhstan.
  • Daily output from Kazakhstan’s largest field, Tengiz, rose to a record of 870k b/d late in Jan, up 45% from the 2024 average, sources told Reuters.