Public resistance of Kazakhstan to the OPEC+ alliance on oil production may signal its exit from the group and push Saudi Arabia into a painful price war during a difficult period, writes Reuters.
The new Minister of Energy of the Central Asian country, Yerlan Akkenzhenov, stated in an interview with Reuters on Wednesday that Kazakhstan will prioritize national interests over the interests of the OPEC+ group when it comes to determining oil production levels, implying that the country may not adhere to the cuts it agreed to under the deal.
As noted by the agency, this may be a precursor to Kazakhstan's exit from the alliance, which is unofficially led by Saudi Arabia.
Recall that OPEC+ exporters have been collectively reducing production since 2022. However, the deal is far from ideal, as several participants have not met their production targets, including Iraq and the United Arab Emirates.
