Kazakhstan in Talks to Cut Oil Production to Meet OPEC+ Quotas
Photo: Elements.envato.com, ill. purposes
Kazakhstan is holding negotiations with oil companies to reduce output in April to comply with OPEC+ production limits, Orda.kz reports, citing Reuters and Interfax-Kazakhstan.
Kazakhstan has consistently exceeded its OPEC+ quota, and members of the organization have repeatedly urged the country to revise its production strategy. The primary driver behind the higher output is the expansion of operations at the Tengiz oil field.
According to reports, on April 10, the Ministry of Energy officials confirmed that Kazakhstan failed to meet its oil production target in March but intends to fulfill its obligations this month.
Despite this, export volumes through the Caspian Pipeline Consortium (CPC) remained unchanged in March, even after Ukrainian drone attacks targeted infrastructure facilities.
Earlier reports noted that the shutdown of two single-point moorings at the CPC marine terminal in Novorossiysk was expected to reduce Kazakhstan's oil shipments through the pipeline by 6%.
Original Author: Nikita Drobny
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