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29 Jan, 15:14

US plans to increase oil production to be discussed at OPEC+ meeting

Kazakhstan will not tweak previously approved oil production targets before the OPEC+ meeting, Energy Minister of Kazakhstan Almassadam Satkaliyev said

ASTANA, January 29. /TASS/. OPEC+ will hold a meeting to discuss the US’ intention to increase oil production some time soon, Energy Minister of Kazakhstan Almassadam Satkaliyev said at a briefing.

"A meeting at the level of OPEC+ representatives is planned for the near future, where the organization’s current policy will be discussed, including US plans to increase oil production, at which time a unified position will be adopted," the minister said.

Kazakhstan will not tweak previously approved oil production targets before the OPEC+ meeting, Satkaliyev said. The oil and gas industry is tasked by the government to lift at least 96 mln metric tons of oil.

"Kazakhstan has certain regulatory tools. We also have a policy that allows for direct negotiations with major consortiums to reduce output, ensuring market balance. However, the final decision will only be made after the OPEC+ collaborative meeting," the minister noted.

Kazakhstan is taking a pragmatic approach in this matter, Satkaliyev continued. "We understand OPEC's desire to keep global oil prices stable, and we understand the weight our contribution has in the global trade volume and within the OPEC+. We will decide the best course taking everyone’s interests into account. At the moment, we see no strong trends toward increasing or decreasing production and are maintaining our initial targets," he added.

Kazakhstan produced 87.7 mln metric tons of oil as of the end of 2024.

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