Latest news with #Satkaliyev
Reuters
18-03-2025
- Business
- Reuters
Kazakhstan removes energy minister amid tensions with OPEC+, oil majors
March 18 (Reuters) - Kazakhstan's energy minister will stand down from his role, the country's presidential office said on Tuesday, as the government struggles to convince U.S. and European oil companies to lower production that exceeds OPEC+ targets. Almasadam Satkaliyev will become the head of the country's newly created atomic energy agency, the presidential office said in a decree published on Tuesday. It remains unclear who will succeed Satkaliyev as the head of the energy ministry. Satkaliyev led the ministry since April 2023. OPEC has said Kazakhstan was the biggest contributor to a jump in February crude output by OPEC+. Last week, he travelled to the United States for talks with oil majors Chevron, ExxonMobil, Shell, Eni and Honeywell, all of which operate in Kazakhstan. Satkaliyev said discussions were aimed at reducing oil output to align the country's supply with OPEC+ targets. The ministry did not disclose the outcome of the talks. The Central Asian country produced 1.767 million barrels per day (bpd) in February, up from 1.570 million bpd in January. Its OPEC+ quota is 1.468 million bpd. The ministry has said the increase was due to the expansion of the Tengiz field, led by Chevron, and pledged to comply better with its quota. Kazakhstan does not have nuclear power plants but sits on large uranium reserves, which account for about 15% of the world's total and are second only to Australia's.
Reuters
10-03-2025
- Business
- Reuters
CERAWEEK Kazakhstan in talks with oil majors to cut output, energy minister says
HOUSTON, March 10 (Reuters) - Kazakhstan is in discussions with oil majors to cut oil output to bring the country's supply back in line with OPEC+ targets, the country's energy minister Almasadam Satkaliyev said on Monday. "We are in phases of discussions with the majors, we are having an open dialogue", Satkaliyev said on the sidelines of the CERAWeek conference in Houston. Speaking at an online briefing last week, officials from Kazakhstan, which has frequently exceeded the OPEC+ production quotas, pledged to cut output in March, April and May to compensate for pumping above targets in previous months. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
