Overproducing Kazakhstan Discusses Oil Output Cuts With Firms | OilPrice.com
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Breaking News:
Kazakhstan, which has been pumping oil above its OPEC+ quota, is in negotiations with the companies operating in the country on potentially trimming output to fall in line with the OPEC+ agreements, Kazakhstan’s energy ministry told Russian news agency Interfax on Thursday.
“Kazakhstan was unable to achieve its goal in March and exceeded its commitments under the OPEC+ agreement,” the energy ministry told Interfax when contacted to respond to how its obligations under the OPEC+ deal are progressing.
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“In April, we plan to fulfill our commitments and compensate for part of the overproduced volumes,” the Kazakh energy ministry said, adding that it remains committed to the OPEC+ agreements.
Kazakhstan also “continues to hold negotiations with oil producing companies” and is currently assessing which projects and producers could be included in possible production reductions, the ministry noted.
Kazakhstan’s combined crude oil and condensate production reached an all-time high in March, which further exceeded the country’s crude output ceiling under the OPEC+ deal.
Kazakhstan, a non-OPEC producer part of the OPEC+ pact, pumped a record high 2.17 million barrels per day (bpd) of crude oil plus condensate last month, industry sources told Reuters last week.
The output in March compares to an average production of 2.15 million bpd of crude and condensate in February.
Crude oil production only rose to 1.88 million bpd in March from 1.83 million bpd in February, according to Reuters’ sources.
Under the OPEC+ agreement, Kazakhstan’s crude oil production quota is 1.468 million bpd. The deal doesn’t cover condensate production and has no limits on it.
Kazakhstan has been consistently overproducing above its OPEC+ limit and is one of the biggest overproducers alongside Iraq and Russia.
This year, the overproduction issue has become even greater after U.S. supermajor Chevron started up oil production at an expansion project at the largest oilfield in Kazakhstan that would boost crude oil output by 260,000 bpd.
By Tsvetana Paraskova for Oilprice.com
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