Kazakhstan: OPEC+ gears up for talks on US production rise, market stability

The OPEC+ group of oil-producing nations is set to discuss former US President Donald Trump's efforts to raise American oil output and adopt a coordinated stance on the issue, Kazakhstan has said.

Kazakh Energy Minister Almassadam Satkaliyev told a briefing on January 29 that a meeting of OPEC+ representatives is planned in the near future, Caliber.Az reports, citing foreign media.

"During this meeting, the organization's policy regarding the current situation, including US plans to increase production volumes, will be discussed, and a coordinated position will be adopted," he noted.

Trump last week outlined a broad strategy to expand oil and gas production, which includes declaring a national energy emergency to fast-track permits and reducing environmental regulations.

He has also publicly urged the Organization of the Petroleum Exporting Countries (OPEC) and its leading member, Saudi Arabia, to lower oil prices, arguing that such a move would help bring an end to the conflict in Ukraine.

OPEC+, which includes the Saudi-led OPEC along with allies such as Russia and Kazakhstan, has not yet formally responded to Trump's remarks. The group already has a plan in place to begin raising oil output from April, gradually reversing previous production cuts. However, the implementation of that plan had been postponed multiple times due to weak demand.

OPEC+ is set to hold a meeting of its Joint Ministerial Monitoring Committee on 3 February, where the group's policy on the current market situation is expected to be discussed.

At present, OPEC+ members are holding back 5.86 million barrels per day of output—around 5.7% of global demand—under a series of agreements made since 2022 aimed at stabilizing the market.

By Aghakazim Guliyev