Kazakhstan adheres to plans to increase oil production despite the extension of OPEC Plus cuts

Kazakhstan is sticking to its plan to increase oil production next year, which could lead to more tension with its partners in the “OPEC Plus” alliance.

Kazakh Prime Minister Olzhas Bektinov instructed the Ministry of Energy to intensify efforts to increase gas production. Natural gas and oil.. He said – in a government meeting in Astana – “I issued instructions to the Ministry of Energy to intensify efforts to increase the production of natural gas and oil.” He added that the Ministry of Energy must ensure that oil production in 2025 is at the planned level.

 

The largest producer in Central Asia said – last August – that it aims to produce 97.2 million metric tons of oil in 2025.

 

Since this figure was announced, there has been a major shift in OPEC+ production policy that will see members reduce production for a much longer period than Expected.

 

In an attempt to support global oil prices, the group of producers agreed to postpone the revival of its planned production for the third time from January until April. It will also slow the pace of monthly production increases when they finally begin, and fully reverse its production cuts a year later than initially planned.

 

Kazakhstan has already been under pressure from OPEC leaders. Plus, Russia and Saudi Arabia, largely because they failed to implement their share of production cuts they pledged at the beginning of 2024, according to the network. "Bloomberg".

 

The country also failed to fulfill its pledges to impose additional restrictions as compensation for the initial excess production.

 

< p>The country’s budget oil production plans indicate an increase of 9.4 million metric tons next year, or about 190,000 barrels per day. However, under the latest agreement between the Organization of the Petroleum Exporting Countries and its allies, Kazakhstan must increase production by no more than 41,000 barrels per day in 2025.

 

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