WNAM REPORT: Almassadam Satkaliyev, Minister of Energy of the Republic of Kazakhstan, held telephone calls with Prince Abdulaziz bin Salman, Chairman of OPEC+ and Minister of Energy of the Kingdom of Saudi Arabia, and Alexander Novak, Deputy Prime Minister of the Russian Federation and Co-Chair of OPEC+, as well as with Haitham Al-Ghais, Secretary General of OPEC.
During the discussions, Almassadam Satkaliyev provided a technical explanation regarding the increase in Kazakhstan’s oil production in the month of January. Satkaliyev clarified that the increase was due to the beginning of oil production at a new Third Generation Plant (3GP) at the Tengiz oilfield within the Future Growth Project. Satkaliyev explained that earlier on, it was planned that the start of the production increase would begin in June/July 2025. He also added that this increase in production resulted from a temporary one time testing conducted after field maintenance and the commissioning of the new processing unit at the Tengiz field.
Satkaliyev reiterated that Kazakhstan remains fully committed to its obligations under the OPEC+ agreement, including the compensation mechanism. In order to fulfill these obligations Kazakhstan will take further measures to comply with its obligations, including the reduction of production from other oil fields to offset this January increase. He also added that Kazakhstan would submit an updated compensation plan to account for both its excess production and the outstanding compensation volumes recorded in January.
The Chairman and Co-Chairman both reaffirmed the critical importance of full conformity and compensation, in line with the Declaration of Cooperation, and further underscored the role of the voluntary production adjustments and efforts undertaken by several OPEC+ countries, in supporting market stability.
As earlier reported, the Organization of the Petroleum Exporting Countries (OPEC) announced last Wednesday that it is maintaining its previous forecasts for global oil demand growth in 2025 and 2026.
