Kazakhstan Surpasses OPEC+ Oil Quota in September - Caspian News
Photo: Elements.envato.com
As Caspian News reports, in September, Kazakhstan produced 1 billion 638 million barrels of oil daily, 170.2 thousand barrels more than the established OPEC+ quota allows. Oil production at Tengiz increased sharply by 30%, thus causing overproduction.
The country’s total crude oil production for the month amounted to 6.55 million tonnes, a 10 percent rise compared to previous months. When converted to barrels, using Kazakhstan’s traditional factor of 7.3 barrels per tonne, this production translates to approximately 1.6 million barrels per day. Even under this calculation, Kazakhstan still surpassed its OPEC+ quota by 126,500 bpd, Caspian News writes.
The Ministry of Energy of the Republic of Kazakhstan confirmed that Kazakhstan fulfilled its September plan for oil and gas condensate production. Kazakhstan intends to compensate for the overproduction under the OPEC+ quota per the approved agreements. Kashagan will have repairs in October, decreasing oil production volumes.
Kazakhstan currently ranks tenth in the world in terms of crude oil exports.
Recently, it was claimed that Saudi Arabia would "drop" world oil prices to $50 per barrel. OPEC has officially stated that it does not intend to act in this manner over oil overproduction.
Original Author: Nikita Drobny
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