Kazakhstan Exceeds OPEC+ Quota Again
Photo: RK MoE
Kazakhstan has once again breached its OPEC+ production quota, Orda.kz reports.
The latest overage was driven by a sharp increase in output at the Tengiz field, according to Reuters.
In June, Kazakhstan produced 1.88 million barrels of oil per day — a 7.5% jump from May and well above the 1.5 million barrels per day limit set by OPEC+. According to Chevron data, Tengiz alone accounted for a significant portion of the increase, with daily production rising from 813,200 to 953,000 barrels due to an ongoing capacity expansion project.
Overall, Kazakhstan’s combined output of oil and gas condensate reached 2.15 million barrels per day last month, up from 2.02 million in May.
Sources previously told Reuters that Kazakhstan’s repeated violations have triggered frustration within the OPEC+ alliance. One noted that the cartel’s recent ramp-up in production may be, in part, a strategy to "punish violators with lower world prices."
The next OPEC+ meeting is scheduled for July 6, where members will revisit the possibility of raising production by another 411,000 barrels per day starting in August. If approved, that would bring the total increase in OPEC+ output since January to 1.78 million barrels — about 1.5% of global demand, raising the risk of internal tensions and further price volatility.
Kazakhstan had already exceeded its quota in May, producing 1.86 million barrels.
Original Author: Ruslan Loginov
Latest news
- Caspian Sea Unlikely to Disappear in the Foreseeable Future, Scientist Says
- Nazarbayev-Linked Villa in Spain Agrees to Fund New Coastal Path
- Magnus Carlsen Complained to Referees After Selfie With Kazakh Chess Player
- Why Kazakhstan Is Restricting Foreign Goods in Public Procurement
- Kazakhstan Has the Lowest Level of Dependence on China in Central Asia
- Noise, Construction and Cameras: What Astana Residents Are Saying About the LRT Tests
- Marshrutka vs. Shuttle: Why Kazakhstan Is Reinventing the Main Public Transport of the 1990s
- Several Border Checkpoints With China to Close for One Day
- Laser Guidance Systems Begin Testing on Kazakhstan’s Highways
- Kazakhstan Plans Mandatory Labeling for Dietary Supplements and Jewelry
- Chinese Influencer Tao Mingxiu Receives Presidential Award in Kazakhstan
- Kazakhstan Ranks Sixth In the World By Agricultural Land Area
- Uzbekistan Breaks Regional Record In Public Debt Market
- “They Are Not Cattle, You Don’t Vaccinate Them”: Why Zoologists Cannot Save Caspian Seals
- Did The Digital Economy Stumble Over PPP? How The Minister Reacted to the IT Industry’s Problems
- Private Investors to Help Build Juvenile Correctional Facilities in Kazakhstan
- “Like Rotten Eggs”: Residents of Atyrau Again Complain About the Stench in the City
- Digital Passport and Admission Benefits: Kazakhstan Wants to Change Volunteering
- Infected Sunflower Seeds From the U.S. Barred From Entering Kazakhstan
- Almaty Drivers Offered Free Emissions Checks Without Penalties
