Economic news

Kazakhstan's Oil Output Fell 3% in Apr, Stayed above OPEC+ Quota

MOSCOW, May 14 (Reuters) - Kazakhstan's oil production fell 3% from March to 1.82 million barrels per day (bpd) in April, but was again above the country's OPEC+ quota, according to an industry source familiar with the statistics, and Reuters calculations.

Kazakhstan's output has become the main point of contention inside OPEC+, with group leader Saudi Arabia demanding that members respect their quotas.

Kazakhstan, a top-10 oil producer, had an OPEC+ quota for April of 1.473 million bpd.

The country's energy ministry said earlier in May that it was committed to the OPEC+ agreement, but didn't plan to cut output, as it had "frequently informed" its OPEC+ partners.

OPEC+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day, despite falling prices and expectations of weaker demand.

Kazakhstan's oil production has risen this year as a result of an expansion at the Chevron-led Tengiz oil field, the country's largest. However, in April the field produced 885,000 bpd, down from 950,000 bpd in March.

Kazakhstan's energy ministry did not immediately reply to a request for comment on Wednesday.

Previously Kazakhstan pledged to compensate for overproduction by reducing its cumulative output by 1.3 million bpd by April 2026.

Western oil majors, including Shell, ExxonMobil , TotalEnergies and Eni, as well as Chevron, are active in Kazakhstan oil projects.

Reporting by Reuters; Editing by Kirsten Donovan

Source: Reuters


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree