Kazakhstan will remain part of the OPEC+ oil production deal but is opening talks to revise contracts with foreign investors at its largest oil and gas fields, Prime Minister Olzhas Bektenov said on Tuesday.
Speaking at a press conference, Bektenov confirmed that while Kazakhstan has exceeded its production quota in recent months, it is not considering pulling out of the OPEC+ agreement.
“We will strive to fulfil our obligations, but with national interests in mind,” he said.
Oil exports in June reached 1.86 million barrels per day — that's about 500,000 barrels above Kazakhstan’s current OPEC+ limit. The increase is largely due to the expansion of the Tengiz oil field under the $49 billion Future Growth Project, which is expected to boost annual output by 12 million tons.
Bektenov explained that the government has limited control over production at fields such as Tengiz, Karachaganak, and Kashagan, where foreign companies hold major stakes.
“We cannot demand that our partners reduce production,” he said.
Instead, Kazakhstan has begun discussions with international firms to revise existing production sharing agreements (PSAs) in an effort to secure more national revenue from oil and gas operations.
“There is a view that the country’s interests are not fully reflected in the existing agreements,” Bektenov said, adding that any changes would be made carefully to protect the investment climate.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 11th of March, covering the latest developments you need to know.
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Iran and the U.S. exchanged threats on Tuesday, as U.S. Defense Secretary Pete Hegseth warned Tehran to expect the “most intense day" of attacks so far. Meanwhile, Iranian President Masoud Pezeshkian said “anyone who entertains the illusion of destroying Iran knows nothing of history."
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China has urged Afghanistan and Pakistan to resolve their dispute through dialogue after Chinese envoy Yue Xiaoyong met Afghan Foreign Minister Amir Khan Muttaqi, as fighting between the two neighbours entered its eleventh day.
Entry and exit across the state border between Azerbaijan and Iran for all types of cargo vehicles, including those in transit, will resume on 9 March, according to a statement by the Cabinet of Ministers of Azerbaijan.
Iranian civilian and military officials have pledged their obedience to the new leader, Ayatollah Seyed Mojtaba Khamenei, with President Masoud Pezeshkian saying his leadership “will herald a new era of dignity and authority for the Iranian nation.”.
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Tensions are rising in the South Caucasus after a reported strike near Azerbaijan’s Nakhchivan exclave, fuelling fears that instability linked to Iran could spill into the region, Dr. Erik Rudenskjold speaks to AnewZ.
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