Kazakhstan holds steady on 2025 oil production forecast ahead of OPEC+ meeting

Kazakh Energy Minister Almassadam Satkaliyev has said that Kazakhstan has not adjusted its oil production forecast for 2025 yet and is awaiting the next OPEC+ meeting.

"There are no trends indicating an increase or decrease in production volumes at the moment. We are planning for 96.2 million barrels, which the government has set for us," Satkaliyev said during a briefing in Astana on January 29, Caliber.Az reports per Russian media. 

He added that the next OPEC+ meeting will take place soon, where a coordinated position will be adopted. Until that meeting, Kazakhstan will not make any decisions regarding adjustments to its production forecasts, the minister stated. 

"Kazakhstan has certain tools at its disposal; we can limit production at our own fields. We also have a policy that allows direct negotiations with major consortium participants to reduce production volumes to achieve market balance. However, the final decision will be made after the joint OPEC meeting," he noted. 

He emphasised that Kazakhstan has voluntarily done everything possible to fulfill its obligations regarding production cuts, but for this year, the government has set the goal of producing no less than 96 million tons of oil. 

The Energy Ministry had previously stated that Kazakhstan's oil production forecast of 96.2 million tons for 2025 was made without considering the commitments under OPEC+ agreements. Kazakhstan has already extended its OPEC+ oil production cuts by 2.2 million barrels per day for the entire first quarter of 2025. The Energy Ministry also emphasised that Kazakhstan plans to maintain oil production volumes in line with the OPEC+ quota assigned for 2025.

By Naila Huseynova