Cooperation with the Organization of the Petroleum Exporting Countries (OPEC) is of significant interest to Kazakhstan, taking into account the important role assigned to OPEC in the global oil market. Kazakhstan cooperates with OPEC member states and non-OPEC countries with the aim of stabilizing the global oil market and restoring investor confidence in the oil industry.
At present, the only comprehensive mechanism for interaction and discussion of the current situation on the global oil market with OPEC member states is the technical meetings between OPEC countries and non-OPEC countries.
For reference: the JMMC is a body consisting of 8 countries (4 from OPEC and 4 from non-OPEC countries) which monitors compliance with OPEC+ oil production agreements, analyzes the market (demand, supply, prices and inventories), and provides recommendations to the full OPEC+ Ministerial Meeting (however, it does not formally approve quotas itself). Following each meeting, a communiqué assessing the situation on the oil market is published.
In 2015, the Ministry of Energy of the Republic of Kazakhstan began interaction with OPEC within the framework of technical meetings. On 5–6 December 2019, the delegation of the Republic of Kazakhstan headed by Vice Minister of Energy M. Zhurebekov took part in the Seventh OPEC and non-OPEC Ministerial Meeting, during which the Charter of Cooperation between OPEC Member Countries and non-OPEC countries was signed. This document established the institutional framework for cooperation within OPEC+. The Charter represents a high-level commitment to be voluntarily implemented by participating countries and does not create any legally binding obligations among them. Participation in the Charter is voluntary and open to all oil-producing countries. To achieve the objectives of the Charter, participating countries are required to hold at least one annual ministerial meeting. The Ministerial Meeting may propose convening a summit of Heads of State and Government of participating countries. Technical experts from participating countries meet at least twice a year to achieve the objectives of the Charter. The OPEC Secretariat supports the ministerial meetings and meetings of technical experts under the Charter. Ministerial meetings decide on the annual voluntary contribution to support the activities of the Charter. A participating country may withdraw from the Charter at any time by notifying the co-chairs of the Ministerial Meeting. In different years, Ministers of Energy of the Republic of Kazakhstan K. Bozumbayev, N. Nogayev, A. Magauov and B. Akchulakov participated in ministerial meetings of OPEC+ participating countries. On 30 November 2023, following the 51st Meeting of the Joint Ministerial Monitoring Committee and the 36th OPEC+ Ministerial Meeting held via videoconference, Kazakhstan adopted an additional voluntary production cut of 82 thousand barrels per day from 1 January 2024 until the end of March 2024 together with OPEC+ participating countries.
Thus, Kazakhstan’s production amounted to 1.468 million barrels per day until the end of March 2024. Subsequently, in order to maintain market stability, these additional reduced volumes would be gradually restored depending on market conditions. Kazakhstan was represented at the meeting by Minister of Energy A. Satkaliyev.
This voluntary reduction was in addition to the voluntary reduction of 78 thousand barrels per day previously adopted by Kazakhstan in April 2023, which remained in effect until the end of December 2024. In the first quarter of 2024, Saudi Arabia continued an additional oil production cut of 1 million barrels per day, keeping production at the current level of 9 million barrels per day. According to Deputy Prime Minister A. Novak’s statement following the meeting, Russia increased its additional voluntary reduction in oil and petroleum product exports by 200 thousand barrels per day, bringing the total reduction to 500 thousand barrels per day, including 300 thousand barrels of crude oil and 200 thousand barrels of fuel products. In addition to Russia and Saudi Arabia, OPEC+ countries agreed to additionally reduce oil production by 700 thousand barrels per day. Thus, excluding the extension of additional cuts, 900 thousand barrels per day less oil and petroleum products would be supplied to the global market in the first quarter of 2024.
Following the OPEC+ meeting, it was also decided that Brazil would join the alliance from January 2024, although without a specific production quota (i.e. without reducing production for the time being).
The 37th OPEC+ and non-OPEC Ministerial Meeting took place on 1 June 2024, during which participating countries agreed to extend oil production cuts until the third quarter of 2025. Production quotas were changed only for the UAE, whose quota would increase by 300 thousand barrels per day from January to September 2025 to reach 3.519 million barrels per day. On 5 September 2024, the Head of State received the President of the OPEC Fund for International Development, Abdulhamid Al Khalifa. During the meeting, issues of cooperation and prospects for collaboration in financing investment projects in Kazakhstan were discussed. President Kassym-Jomart Tokayev emphasized that Kazakhstan attaches strategic importance to partnership with the OPEC Fund for International Development, as the country seeks to strengthen ties with the MENA region (Middle East and North Africa).
For his part, Abdulhamid Al Khalifa shared plans to finance such key sectors as petrochemicals, transport, water resource management and healthcare.
Mr. Al Khalifa also met with Minister of National Economy N. Baibazarov, Minister of Energy A. Satkaliyev, Minister of Healthcare A. Alnazarova, and the Chairman of the Management Board of JSC “Samruk-Kazyna National Welfare Fund”. During Mr. Al Khalifa’s visit, a Framework Agreement on the Organization of Private Sector Operations between the Government of the Republic of Kazakhstan and the OPEC Fund for International Development was signed (Government Resolution No. 717 dated 3 September 2024).
The 38th OPEC+ and non-OPEC Ministerial Meeting took place on 1 December 2024.
On 3 May 2025, the meeting of the eight OPEC+ countries (Saudi Arabia, Russia, Iraq, the UAE, Algeria, Kuwait, Kazakhstan and Oman) was held. The parties discussed the state and prospects of the global oil market and agreed to implement a production adjustment of 411 thousand barrels per day in June 2025, equivalent to three monthly increases. The gradual increase may be paused or reversed depending on evolving market conditions. Such flexibility will allow the group to continue supporting oil market stability.
The eight OPEC+ countries also noted that this measure would allow participating countries to accelerate compensation efforts.
The countries reaffirmed their commitment to voluntary production adjustments agreed at the 53rd Meeting of the Joint Ministerial Monitoring Committee on 3 April 2024, as well as their intention to fully compensate any overproduced volumes since January 2024.
On 28 May 2025, the 39th OPEC Ministerial Meeting and the 60th Meeting of the Joint Ministerial Monitoring Committee were held. The eight OPEC+ countries agreed to hold monthly meetings to review market conditions, compliance and compensation.
Mr. Al Khalifa was invited to the Astana International Forum (29–30 May 2025) by Deputy Prime Minister – Minister of National Economy S. Zhumangarin. The eight OPEC+ countries that had previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman, held an online meeting on 7 September 2025 to review global market conditions and outlooks.
Considering the stable prospects of the global economy and current strong market fundamentals reflected in low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day of additional voluntary cuts announced in April 2023 (this adjustment would take effect in October 2025).
From October 2025, Kazakhstan will increase production by 6 thousand barrels per day. The 1.65 million barrels per day may be gradually restored in part or in full depending on market conditions. The countries will continue to closely monitor and assess market developments and, in the interest of maintaining market stability, reaffirmed the importance of a cautious approach and maintaining full flexibility to pause or reverse additional voluntary production adjustments, including the previously announced voluntary cuts of 2.2 million barrels per day announced in November 2023. The eight OPEC+ countries also noted that this measure would provide participating countries with the opportunity to accelerate the compensation process. The countries once again reaffirmed their collective commitment to full compliance with the Declaration of Cooperation, including additional voluntary production adjustments.
They also reaffirmed their intention to fully compensate any excess production volumes since January 2024. The eight OPEC+ countries will continue to hold monthly meetings to review market conditions, compliance levels and compensation. Oversight of compliance with the agreements will be carried out by the Joint Ministerial Monitoring Committee (JMMC).
For reference: according to Jorge Leon, an expert at the Norwegian analytical center Rystad Energy, the OPEC+ decision may reduce oil prices to below USD 60 per barrel. Oil prices are currently fluctuating between USD 65–70 per barrel, while this year the indicator has decreased by 12 percent.
The eight OPEC+ countries began increasing production in April, initially by 138 thousand barrels per day. Subsequently, increases amounted to 411 thousand barrels per day in May, June and July, 548 thousand barrels per day in August, 547 thousand barrels per day in September, and 137 thousand barrels per day in October from the 1.65 million barrels per day adjustment.
On 3 October 2025, the Head of State received OPEC Secretary General H. Al Ghais, who arrived in Astana to participate in “Kazakhstan Energy Week-2025”.
The President of Kazakhstan and the OPEC Secretary General discussed the current situation on the global oil market and topical issues of cooperation. The Head of State highly appreciated OPEC’s efforts aimed at ensuring stability and predictability of the global oil market.
On 5 October 2025, the voluntary OPEC+ countries (the “Group of Eight”: Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman) held an online meeting to discuss the oil market situation and production parameters for November 2025. The parties decided to increase production by 137,000 barrels per day as part of the planned gradual return to higher output levels following voluntary cuts. The parties reaffirmed their commitment to continue monitoring the market and maintaining flexibility in pausing or reversing adjustments. On 30 November and 4 January 2025, follow-up videoconferences of the “Group of Eight” were held. The meetings confirmed decisions to pause oil production increases for January–March 2026 and continue monitoring market conditions, compliance and compensation. The decision reflects the general consensus on market stabilization in line with the current price and demand situation.
For reference: according to the OPEC+ decision of 5 January 2026, Kazakhstan’s oil production quota for February and March 2026 amounts to 1.569 million barrels per day – this is the official OPEC+ quota approved for Kazakhstan at the beginning of 2026.
The next major semi-annual OPEC+ Ministerial Meeting is scheduled for 7 June 2026.