OPEC+ nations, led by Kazakhstan, to boost oil production commencement in October

In a virtual meeting held on September 7, representatives from OPEC+ countries, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, confirmed their intention to increase oil production starting from October.

The decision was made due to the stable prospects of the global economy and low oil inventories. As a result, the countries agreed to increase oil production by 137,000 barrels per day, effective from October.

Kazakhstan, the 17th largest oil producer in the world, will see its oil production quota increase from the current 1.532 million barrels per day (excluding gas condensate) to 1.550 million barrels per day in September, and further to 1.556 million barrels per day starting from October.

The main volumes of Kazakhstan's oil come from the three largest fields: Tengiz, Karachaganak, and Kashagan. However, reports suggesting a 2% increase in Kazakhstan's oil production in August were refuted by the Ministry of Energy of Kazakhstan. The Ministry emphasized that oil production actually decreased by 48,000 barrels in August, to 1.712 million barrels per day.

The Joint Ministerial Monitoring Committee (JMMC) will oversee the implementation of the agreements. The OPEC+ countries have the ability to pause or cancel additional adjustments, including the previously implemented cuts of 2.2 million barrels per day in November 2023, if necessary.

The next OPEC+ meeting is scheduled for October 5, 2025. The decisions were reported by our website with a link to OPEC's press service.

In 2024, Kazakhstan produced less oil than in 2023, with 80.5 million tons produced in 11 months compared to 82.2 million tons the previous year. The Minister of Energy in Kazakhstan who spoke in September 2023 about the reported increases in oil production and the actual production figures is Yerlan Akkenzhenov.

The entire volume of production adjustments is 1.65 million barrels per day, which can be partially or fully restored depending on market conditions. The changes were made to compensate for excess production from January 2024. The OPEC+ countries decided to partially restore the voluntary cuts announced in April 2023.

This move is expected to help stabilize global oil markets and provide a boost to the economies of the participating countries. The next step will be closely monitored by the JMMC to ensure compliance with the agreed-upon production levels.

OPEC+ nations, led by Kazakhstan, to boost oil production commencement in October