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OIL: Kazakhstan Tengiz Output Surging, Despite Reaffirming OPEC+ Commitments

OIL
BulletEnergy BulletsCommodities

Production at Kazakhstan’s Tengiz surging, amidst Kazakhstan’s reaffirmation of commitment to OPEC+ quotas. 

  • Tengiz output hit 870,000 bpd in January, 45% higher than the field’s average output in 2024, according to Kazakhstan’s Energy Ministry.
  • Kazakhstan overproduction has been a persistent problem for OPEC+ as it has struggled to find adherence to caps within the group.
  • The nation is on a compensation plan, but Kazakh production has been hitting daily record highs in recent weeks, drawing questions around its commitment.
  • Kazakhstan reaffirmed its commitment to OPEC+ oil production obligations at the JMMC meeting on Feb. 3, saying it will also take the necessary measures in 2025 and 2026 to compensate for overproduction in 2024.
  • “Despite the increase in oil production this year due to the launch of the Tengiz oil field expansion project, Kazakhstan reaffirms the importance of complying with its OPEC+ obligations and will negotiate with partners within the framework of international law,” a Kazakh Energy Ministry statement read.
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Production at Kazakhstan’s Tengiz surging, amidst Kazakhstan’s reaffirmation of commitment to OPEC+ quotas. 

  • Tengiz output hit 870,000 bpd in January, 45% higher than the field’s average output in 2024, according to Kazakhstan’s Energy Ministry.
  • Kazakhstan overproduction has been a persistent problem for OPEC+ as it has struggled to find adherence to caps within the group.
  • The nation is on a compensation plan, but Kazakh production has been hitting daily record highs in recent weeks, drawing questions around its commitment.
  • Kazakhstan reaffirmed its commitment to OPEC+ oil production obligations at the JMMC meeting on Feb. 3, saying it will also take the necessary measures in 2025 and 2026 to compensate for overproduction in 2024.
  • “Despite the increase in oil production this year due to the launch of the Tengiz oil field expansion project, Kazakhstan reaffirms the importance of complying with its OPEC+ obligations and will negotiate with partners within the framework of international law,” a Kazakh Energy Ministry statement read.