Baghdad – Oil Market Developments
The representatives of the OPEC+ group are set to convene shortly to evaluate the implications of the United States’ plans for ramping up oil production, as communicated by Kazakhstan’s Energy Minister, Massam Satatatalev.
During a recent press conference, the minister outlined that this upcoming meeting will not only address the U.S. production strategy but will also aim to establish a unified stance regarding the current market dynamics and the collective approach of OPEC+ in the oil sector.
Minister Satatatalev clarified that Kazakhstan has no intentions to alter its oil production targets prior to the OPEC+ meeting. The government remains committed to its objective of producing at least 96 million tons of oil in the current fiscal year.
He emphasized that Kazakhstan possesses various mechanisms to manage its production levels, including the capability to limit output in its own oil fields and engage in negotiations with key industry players to adjust production volumes towards ensuring market stability.
Following a practical approach, Kazakhstan is actively considering the interests of OPEC+ in maintaining the stability of international oil prices. The minister indicated that any final decisions regarding production adjustments will be made subsequent to the OPEC+ joint meeting.
In 2022, Kazakhstan’s oil production totaled 87.7 million tons. The Kazakh Ministry of Energy had previously revised its projections for oil output in 2025, reducing the expected volume from 97.2 million tons to 96.2 million tons.