OPEC+ to Increase Oil Production
Photo: Elements.envato.com, ill. purposes
OPEC member countries have agreed to increase oil production starting April, gradually easing production restrictions, reports Orda.kz.
Bloomberg reports OPEC+ will increase production in April after postponing this decision multiple times to strengthen global oil prices.
The increase may be suspended if market conditions require it.
As the International Energy Agency noted in its February report, global oil markets will face increased supply this year even if OPEC+ keeps production steady. The cartel, led by Saudi Arabia and Russia, plans to increase output by 138,000 barrels a day, notes Bloomberg.
Global oil prices are falling due to OPEC+ plans and renewed US-China trade tensions. Brent crude fell to $71 per barrel on March 3.
For Kazakhstan, which consistently exceeds OPEC+ quotas, this increase is beneficial.
Kazakhstan's oil production reached 2.12 million barrels per day in February 2025 following the Tengiz project launch.
Original Author: Nikita Drobny
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