Kazakhstan Poised to Break Oil Production Record Again
Photo: Elements.envato.com, ill. purposes
Kazakhstan is on track to set another oil production record. In June, the country is expected to increase its export volume via the CPC pipeline from 1.65 million to 1.7 million barrels per day, Orda.kz reports, citing Bloomberg.
Bloomberg notes that Kazakhstan will return to the high output levels it reached in February, when it set a production record. The increase comes despite ongoing tensions with the OPEC+ cartel, which has already seen global oil prices dip amid internal disagreements.
According to Bloomberg, certain countries' rising output has drawn criticism from OPEC and its allies, who argue that the overproduction is flooding a market that does not need more supply, undermining long-term commitments emphasized by the Saudi-led group.
The Kazakh Ministry of Energy has repeatedly explained its position to OPEC, citing increased production at the Tengiz field. While affirming its intention to comply with quotas, the ministry has also clarified that Kazakhstan will not operate at a financial loss.
In May, the OPEC+ quota for Kazakhstan stands at 1.4 million barrels per day. However, actual production may reach up to 1.75 million barrels. The February record was driven by the Tengiz expansion, with March output remaining near record levels.
Production slightly dipped in April due to technical issues at CPC berths.
Some analysts have suggested that Kazakhstan may ultimately come out ahead.
Original Author: Nikita Drobny
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