OPEC to Delay Production Increase

Eight OPEC+ oil producers and exporters have postponed plans to increase oil production until April 2025, Orda.kz reports.

The current restrictions will remain in effect until the end of 2026, meaning Kazakhstan cannot count on a revision of oil quotas.

As Reuters recalls, OPEC+ members were set to begin revising quotas in October. However, a decline in global demand and increased oil production by countries outside the association forced the organization to postpone this decision several times.

CNBC, citing two of its sources, writes that eight association members have decided to postpone revising oil quotas until April 2025. OPEC+'s general strategy assumes that in 2025, the participating countries will limit their oil production to 39.725 million barrels per day.

Despite these sets of production trims and ongoing conflict threatening the hydrocarbon-rich Middle Eastern region, global oil prices have remained subdued for the better part of this year, under pressure from a tepid demand outlook. CNBC writes.

Information has surfaced that Kazakhstan, an OPEC+ member, previously overproduced oil despite the above quotas. A conflicting report later emerged.

More recently, Astana, along with Moscow, has pledged to compensate for said overproduction. 

Original Author: Nikita Drobny