MOSCOW (Reuters) – Kazakhstan contributed more than a half of overall OPEC+ oil production rise in February, lagging behind its pledges to reduce production, OPEC data showed on Wednesday. Kazakhstan has persistently exceeded its output quota of 1.468 million bpd under the production-curbing deal struck by the Organization of the Petroleum Exporting Countries and allies […]
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Kazakhstan was the main laggard in OPEC+ oil pact in February, OPEC data shows
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MOSCOW (Reuters) – Kazakhstan contributed more than a half of overall OPEC+ oil production rise in February, lagging behind its pledges to reduce production, OPEC data showed on Wednesday.
Kazakhstan has persistently exceeded its output quota of 1.468 million bpd under the production-curbing deal struck by the Organization of the Petroleum Exporting Countries and allies including Russia – together known as OPEC+.
According to the OPEC data, Kazakhstan produced 1.767 million barrels per day (bpd) of oil in February, up from 1.570 million bpd in January.
It has promised to cut the output and compensate for overproduction.
However, it is boosting oil production at the Chevron-led Tengiz oilfield, the country’s largest.
Russia’s crude oil output edged down by 0.04% to 8.973 million barrels per day (bpd) in February from 8.977 million bpd January, according to OPEC.
It was slightly below Russia’s output quota of 8.98 million bpd under a pact among OPEC+ producers.
Russia’s quota is expected to rise to 9.004 mln bpd from April with OPEC+’ overall gradual increase of output.
Deputy Prime Minister Alexander Novak said last week that the OPEC+ group agreed to start increasing oil production from April, but could reverse the decision afterward if there are market imbalances.
(Reporting by Olesya Astakhova and Vladimir Soldatkin; Editing by Tomasz Janowski)