Kazakhstan Affirms Oil Production Pledges to OPEC+, Despite Oil Market Shifts
Hangin' with the big dogs: Kazakhstan's energy minister joins global oil discussion
ASTANA - In the grand game of oil politics, Kazakh Minister of Energy Yerlan Akkenzhenov stepped up to the table, taking part in the 59th JMMC meeting via videoconference on April 5.
Caption: Yerlan Akkenzhenov, Kazakh Minister of Energy (Credit: Ramzi Boudina/Reuters)
According to the ministry's press service, the Committee scrutinized member countries' conformity with the OPEC+ Agreement for January and February 2025, highlighted the overall compliance level, and analyzed ongoing trends in the global oil market.
The Committee applauded the additional voluntary cuts made by eight participating countries, including Kazakhstan, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Algeria, and Oman, and underscored the importance of full compliance and appropriate compensation for any deviations.
The energy minister rubbed shoulders with the power players in a separate meeting on April 3, discussing the current market situation. Following the discussions, the participants settled on adjusting the previously established schedule for the gradual return of production volumes to the market, taking into account the current conditions and the market stability goal.
Kazakhstan confirmed its unwavering dedication to the OPEC+ agreements and its commitment to ongoing cooperative efforts with its partners in the alliance, balancing international obligations and national interests.
Insight:POST-JMMC agreements announced specific production volumes and adjustments for June 2025. Key points include the following:
- Saudi Arabia - 9,367 kb/d
- Russia - 9,161 kb/d
- Iraq - 4,086 kb/d
- UAE - 3,092 kb/d
- Kuwait - 2,466 kb/d
- Kazakhstan - 1,500 kb/d
- Algeria - 928 kb/d
- Oman - 775 kb/d
OPEC+ agreed to boost production by 411,000 barrels per day in June 2025, compared to May 2025 levels. This production increase is part of a gradual return of 2.2 million barrels per day of voluntary output cuts started in April 2025, running until September 2026.
The production increase targets market conditions, such as low oil inventories, and collectively sustains discipline among member states. It also offers flexibility to handle non-compliance and stabilize the oil market. For Kazakhstan, the adjustment acknowledges overshooting production targets and represents a strategic bid to balance compliance with market demands. The JMMC meeting on April 5 did not disclose Kazakhstan's exact position, but the strategy calls for regular reviews to ensure compliance and market stability.
Source:1, 2, 3, 5.
1. The JMMC, in which Kazakh Minister of Energy Yerlan Akkenzhenov participated via videoconference, assessed the compliance levels of OPEC+ member countries with the agreement for January and February 2025.2. In the meeting, the Committee recognized and praised the additional voluntary cuts made by several participating countries, including Kazakhstan, as part of the OPEC+ Alliance.3. Following the JMMC meeting, Kazakhstan affirmed its commitment to the OPEC+ agreements and its determination to maintaining cooperative efforts with its alliance partners.4. In the post-JMMC agreements, specific production volumes and adjustments for June 2025 were announced, with Kazakhstan's commitment set at 1,500 kb/d as part of the OPEC+ production increase Plan.
