In Kazakhstan, to fulfill the commitments undertaken within the OPEC+ framework, the country’s Ministry of Energy plans to hold meetings with top executives of international consortia. Additionally, in March, Kazakhstan's oil exports via the Caspian Pipeline Consortium (CPC) will be reduced, Vlast.kz reports.
Energy Minister Almasadam Satkaliyev recently stated that Kazakhstan exceeded its oil production quotas under OPEC due to the test launch of the Future Growth Project at Tengiz.
However, consultations have already been held with participants and shareholders of international consortia, including ExxonMobil, Total, and Shell, and meetings with top executives are scheduled for this week.
"We have set them a rather serious task to reduce oil production volumes in order to meet planned targets. The discussion was productive, and we did not receive any refusals," said Kazakhstan's Energy Minister.
He assured that Kazakhstan would take all necessary measures to cut oil production and is prepared to use administrative mechanisms and issues related to access to pipeline infrastructure to achieve this goal.
Kazakhstan’s Deputy Energy Minister Alibek Zhamauov added that in March, the country intends to optimize oil production and reduce exports to meet its commitments under OPEC.
"The bulk of our exports go through CPC. Accordingly, volumes via CPC will be reduced," he emphasized.
Specifically, the deputy minister clarified that 70% of all reductions in March will be accounted for by exports through CPC.
CentralasianLIGHT.org
March 10, 2025