Prime Minister of Kazakhstan Olzhas Bektenov and OPEC Secretary General Haitham Al-Ghais convened to address key issues regarding cooperation in the global oil market. The meeting focused on current market dynamics and collaborative efforts to stabilize and balance oil prices.
During the discussion, Prime Minister Bektenov stressed the crucial role of OPEC in maintaining global oil market stability. He praised the coordinated actions of OPEC+ members in mitigating adverse market effects and reinforcing market stability.
"Kazakhstan is committed to advancing cooperation within OPEC+. We support the organization's initiatives and adhere to agreed-upon restrictions, including current voluntary commitments," Bektenov stated.
Secretary General Haitham Al-Ghais highlighted Kazakhstan's significant influence on the global oil market. He commended the country’s measures to ensure market balance and predictable pricing.
Both leaders reaffirmed their commitment to continued productive cooperation. Kazakhstan has been a member of the OPEC+ Agreement since 2016, with oil production conducted by over 90 subsoil users.
In July, Kazakhstan's Energy Ministry revealed its intention to balance its surplus oil production, which exceeds the OPEC+ quota for the first half of the year, by September 2025. Kazakhstan is among the eight OPEC+ countries that agreed to extra voluntary production cuts, though specific output reductions were not detailed.
The Energy Ministry assured that Kazakhstan remains committed to meeting its obligations and will carefully manage the necessary adjustments to address any overproduction.
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