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Kazakhstan to decide on oil output cuts after OPEC+ meeting
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Kazakhstan to decide on oil output cuts after OPEC+ meeting
Jan 29, 2025 4:34 AM

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.

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