ASTANA, Jan 29 (Reuters) - Kazakhstan will make a final
decision on oil production cuts after the next joint OPEC+
meeting, the Central Asian country's Energy Minister Almasadam
Satkaliyev said on Wednesday.
Kazakhstan has persistently exceeded its output quota of
1.468 million barrels per day (bpd) under the production-curbing
deal struck by the Organisation of the Petroleum Exporting
Countries and allies such as Russia - together known as OPEC+.
In response, Kazakhstan has pledged to make cuts to
compensate for its overproduction until the end of June 2026.
It would be challenging for Kazakhstan to restrain oil
production given its plans to raise it this year and as Chevron ( CVX )
had started output at a $48 billion expansion of the
giant Tengiz oilfield, which will bring the country's output to
around 1% of global crude supply.
Kazakhstan plans to boost its oil and gas condensate
production this year to 96.2 million tons (around 2 million bpd)
from 87.56 million tons in 2024.
Gas condensate, a type of light oil, is not included in the
country's OPEC+ quota.
A monitoring panel of OPEC+, which is holding back 5.86
million bpd of production, or about 5.7% of global demand, is
set to meet next Monday amid U.S. President Donald Trump's call
for lower oil prices.
Oil prices have risen this year, with Brent crude
reaching almost $83 a barrel on Jan. 15, its highest since
August, supported by concern about the supply impact of U.S.
sanctions on Russia. Prices were trading below $77 on Wednesday.