Kazakhstan may not cut oil exports despite OPEC+ quotas — Bloomberg

Kazakhstan continues to ramp up oil exports, ignoring its commitments to OPEC+.  According to Bloomberg, citing four traders familiar with the situation, CPC Blend crude supplies through the Russian port of Novorossiysk may reach a record 1.75 million barrels per day in July. 

By increasing oil output, Kazakhstan significantly exceeds the quotas established by OPEC+, Bloomberg says. According to the news agency, the country’s overproduction reached 300,000 barrels per day in April. Energy Minister Yerlan Akkenzhenov explains that curbs cannot be forced on international partners involved in major oil and gas projects.

The situation is complicated by the large-scale development of oil production in the region. Bloomberg reports on actively expanding production at the Kashagan oil field and the Chevron-led Tengiz project. Given the current plans, the Kazakh authorities forecast annual output to rise to 105 million tons after 2026. This will further weigh on the crude market and spark another round of tension within OPEC+, the news agency says.