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
Latest news
- Two Injured Russian Climbers Rescued From Almaty Mountains
- Kazakhstan Denies Reports of Full CPC Shutdown
- South Korea to Help Kazakhstan Forecast Demographic Change
- Almaty Waste Company Stake to Return to State After Undervalued Sale
- Inspection of Former Almaty Akim’s Family Project Declared Illegal
- Kazakhstan Could Refine Russian Oil as Russia Faces Fuel Shortages
- Who Is Behind the Company Searching for Copper Near Atbasar?
- Almaty Airport to Take Out $670 Million Loan
- Kazakhstani Woman Dies in Belgrade, Father Suspects Her Friends Were Involved
- Who Will Keep Health Coverage Under Kazakhstan’s New Rules?
- Fake Journalists Tricked Karaganda Official Into Taking Out Loan
- Pavel Durov Declared a “Terrorist” in Russia
- Lawsuit Pushes Oskemen Authorities to Adopt New Alert Rules After Kazzinc Explosion
- Emergency at Pavlodar Power Plant: Two Workers Seek Medical Help
- What Back-to-School Aid Has Been Promised to Vulnerable Families?
- Employment Falls at Kazakhstan’s Small and Medium Businesses
- How Much Will It Cost to Ride Astana’s LRT From August 1?
- KASE and AIX Record Sharp Rise in Trading Activity
- Ten-Year Record: More Kazakhstanis Are Losing Their Driver’s Licenses
- What Can Tourists Expect? Kazakhstan Approves New Rules for Visitor Centers
