Kazakhstan not to boost oil output under OPEC+ deal in August
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Kazakhstan will not increase oil production under the OPEC+ agreement in August, Vice Minister of Energy Erlan Akbarov said. Seven OPEC+ countries agreed last week to raise output by 188,000 barrels per day next month.
The Decision
Vice Minister of Energy Erlan Akbarov announced that Kazakhstan does not plan to increase oil output under the OPEC+ agreement. The decision comes despite a collective agreement by seven OPEC+ countries last week to boost production by 188,000 barrels per day in August. Kazakhstan's current quota under the deal remains unchanged.
OPEC+ Context
The seven countries that agreed to the August increase include Saudi Arabia, Russia, and the UAE. The move aims to gradually unwind previous production cuts as global demand recovers. Kazakhstan's position diverges from the group's majority, citing domestic considerations.
What's Next
The next OPEC+ monitoring committee meeting is scheduled for early August. It remains unclear whether Kazakhstan will adjust its stance in subsequent months or face pressure from other members to comply with the collective output plan.
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Kazakhstan not to boost oil output under OPEC+ deal in August
