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
Latest news
- Part of Shymkent’s 3-Billion-Tenge Dam Destroyed One Month After Completion
- Putin to Visit Kazakhstan in Late May at Tokayev’s Invitation
- Clean Air for Almaty: Coal Power to Be Moved to Pavlodar Region
- Burger King Employee With Autism Allegedly Pressured to Resign After Management Change
- Bagdat Musin Explains Why KazLLM Is Not «Kazakhstan’s ChatGPT»
- Military Convoys in Three Kazakh Cities — What the Defense Ministry Says
- Kazakhstan Takes Two Golds at Artistic Swimming World Cup Stage in Medellín
- 2,500 Participants from 22 Countries: Almaty Opens the Running Season
- Snow and Frost: Weather Forecast for February 15
- Tokayev congratulates Serbia’s President Vucic on Statehood Day
- Mikhail Shaidorov Wins Kazakhstan’s First Winter Olympic Gold Since 1994
- Indian Crested Porcupines Spotted by Camera Trap in Ile-Alatau National Park
- Kazakhstan’s Air Pollution Isn’t Driven by Factories — Ministry of Ecology
- How the US Views Kazakhstan’s Constitutional Reform and Free Speech
- US Ambassador to Kazakhstan: Visa Restrictions for Kazakhstanis Are a Temporary Measure
- China-to-Russia Shipments Are Increasingly Bypassing Kazakhstan
- Shokan Ualikhanov Private School Reclassified as Large Business After Staff Tops 250
- Former Priest Yakov Vorontsov Reportedly Detained in Kazakhstan
- Kazakhstan Proposes Differentiated Toll Rates for Transit Foreign Drivers
- World Bank Ready to Provide Kazakhstan Up to $1 Billion a Year for Six Years
