ASTANA, March 4. /TASS/. The Kazakh authorities have undertaken all necessary measures to ensure the fulfillment of the country’s oil production commitments under the OPEC+ agreement, according to a statement released by the Ministry of Energy of Kazakhstan.

"Kazakhstan reaffirms its unwavering commitment to the OPEC+ agreement. In February, the country implemented all requisite measures to meet its obligations," the statement said.

The ministry noted that during a virtual meeting on March 3, eight OPEC+ member states - Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman - reviewed global market conditions and future projections. These countries had previously announced additional voluntary production adjustments in April and November 2023.

"Minister of Energy of Kazakhstan Almassadam Satkaliyev confirmed that the country remains fully committed to its OPEC+ obligations, including the compensation mechanism. Kazakhstan will take further measures to ensure compliance, including submitting an updated compensation plan that shifts a greater share of compensatory production reductions to the earlier months of the adjustment period, covering overproduced volumes from January 2024," the ministry’s press service noted.

Previously, Satkaliyev announced that Kazakhstan’s Ministry of Energy plans to increase oil production by 9.7% this year, reaching 96.2 mln tons, primarily due to the future growth project at the Tengiz oil and gas field, which is scheduled to commence operations in the Q2 2024. In 2023, Kazakhstan produced 87.7 mln tons of oil.

Earlier, the eight OPEC+ nations, which have been voluntarily curtailing oil production by 2.2 mln barrels per day since early 2024, resolved to uphold their planned strategy for gradual output restoration starting in April. As a result, production by these countries could grow by 138,000 barrels per day in April.