Kazakhstan confirms commitment to OPEC+ obligations in 2025 - Energy Ministry (Part 2)Kazakhstan plans to maintain the volumes of oil production within the country's OPEC+ quota in 2025, the Energy Ministry said."The recently completed repairs at the major oilfields improve the technical capabilities to boost the current level of oil output. However, Kazakhstan plans to produce oil in 2025 in accordance with its commitments under the OPEC+ agreement and the presented compensation plan," the ministry said.As reported, OPEC+ ministers at the meeting on December 5 decided to extend the quotas in force for 2025 until 2026. In addition, Kazakhstan, among the eight volunteer countries, decided to extend its production restrictions until the end of 2026.According to the Ministry of Energy, Kazakhstan reduced oil production in January-November 2024 by 2% to 80.5 million tonnes. The production forecast for the year has been revised downwards for the second time in recent months and now stands at 87.8 million tonnes. The decline in oil production and the revision of the 2024 forecast were influenced by shutdowns for repairs at the country's largest fields - Tengiz and Kashagan.At the same time, according to previously announced plans by the authorities, annual oil production in Kazakhstan is expected to exceed 100 million tonnes from 2026.At Kashagan, a slug catcher replacement  with a 21-day shutdown was carried out in the October.At the Tengiz field, turnarounds were carried out in May and August 2024 for a total of 50 days.In addition, an unscheduled repair of the vessel at Second Generation Plant started on October 26 and is still ongoing due to an internal steam leak. The unscheduled repair at Tengiz was originally expected to be completed by November 23, but Kazakhstan's Energy Minister Almasadam Satkaliyev said the work would continue until the end of the year. (ICE ALMATY)

Fonte notizia: INTERFAX