Kazakhstan plans to maintain oil output at current level until end of year - energy minister (Part 2)Kazakhstan does not plan to boost oil production domestically, instead maintaining output at the current level until the end of the year, Kazakh Energy Minister Yerlan Akkenzhenov told Interfax.Akkenzhenov said that there are no data on oil production for June yet, though the figure should be "at a stable level" until the end of the year.Akkenzhenov also said Kazakhstan would not reduce oil production, despite the OPEC+ quota."Why?" he said. The restrictions adopted by eight OPEC+ countries will soon end, he said.He said there was no confirmation yet that the 2.2 million bpd restrictions adopted in 2023 by eight OPEC+ countries would be relaxed completely in September. Earlier, Western media reported that these countries would decide in August to increase production, and so the remaining restrictions of less than 300,000 would be phased out."I heard [about this], but nothing has been confirmed," the minister said.He also said that for now the compensation schedule for overproduction remains as it is, without specifying whether Kazakhstan would commit to the compensation plan after the restrictions end."We have existing production sharing agreements, where one of the main criteria is unrestricted business, including production," Akkenzhenov said.As of April 2025, over-production reached 4.6 million bpd. Iraq exceeded production by nearly 2 million bpd, Kazakhstan by 1.3 million bpd and Russia by 0.7 million bpd. The overproduced volumes should be compensated by June 2026, but Russia has pledged to do so by October 2025.However, Kazakhstan said in May that it would not cut oil production that was increased earlier this year with the launch of new capacity at the Tengiz field. Since February, the country has been producing approximately 300,000-400,000 bpd above agreed levels or around 1.8 million bpd. (ICE ALMATY)

Fonte notizia: INTERFAX