EXCLUSIVE-Kazakhstan hikes oil output to a record high of 2.12 mln bpd in February, source says

Reuters
03 Mar
EXCLUSIVE-Kazakhstan hikes oil output to a record high of 2.12 mln bpd in February, source says

MOSCOW, March 3 (Reuters) - Kazakhstan raised crude oil and gas condensate production in February by 13% from January to a record high 2.12 million barrels per day, a source told Reuters on Monday, again exceeding its quota within the OPEC+ group of oil producers.

Excluding gas condensate, a type of light oil, crude oil production jumped last month by 15.5% from January to 1.83 million bpd, according to the source familiar with the official statistics, and Reuters calculations, which take into account Kazakhstan's tons per barrel ratio of 7.5.

Kazakhstan has persistently exceeded its output quota of 1.468 million bpd under the production-curbing deal struck by the Organisation of the Petroleum Exporting Countries and allies including Russia - together known as OPEC+.

It has promised to cut the output and compensate for overproduction.

However, it is boosting oil production at the Chevron-led Tengiz oilfield, country's largest.

The field saw production increase to 904,000 bpd last month from 640,000 bpd in January following completion of maintenance and due to an expansion programme, the source said.

The energy ministry did not immediately reply to a request for comment.

Output has also increased despite last-month's drone attack at a pumping station on Russia's stretch of the Caspian Pipeline Consortium (CPC), which exports around 80% of Kazakhstan's oil.

Kazakhstan said last month the oil supplies via CPC were on schedule.

(Reporting by Reuters; Editing by Guy Faulconbridge and Emelia Sithole-Matarise)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10