Kazakhstan on Track to Exceed OPEC+ Oil Quota in May - Reuters
Photo: Elements.envato.com, ill. purposes
Oil production in Kazakhstan increased by another two percent in May and is expected to surpass the production limits set by the OPEC+ alliance by the end of the month, Orda.kz reports.
According to Reuters, citing an industry source, Kazakhstan continues to ramp up oil output despite efforts by OPEC+ to maintain production discipline. In April, production fell by three percent due to disruptions at the Caspian Pipeline Consortium, yet overall output still remained above the assigned cap.
According to an industry source who spoke on anonymity, crude oil production in Kazakhstan, excluding gas condensate, averaged 1.86 million barrels per day from May 1 to May 19. Of this, 932,000 barrels per day were produced at Tengiz.
For comparison, output in March stood at 1.88 million barrels per day, while April saw a dip to 1.82 million. Kazakhstan’s OPEC+ production quota for May is set significantly lower, at 1.486 million barrels per day.
Original Author: Nikita Drobny
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