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OIL: Kazakhstan Output Still Above Quota in June: Reuters

OIL

Kazakhstan was still exceeding its OPEC+ quota in June with oil and gas condensate production up 4% m/m on a daily basis to 7.24m metric tons, according to Reuters sources.

  • The Bureau of National Statistics showed May production at 7.192m tons after the return of the Tengiz oilfield from maintenance.
  • Crude oil output rose to 6.32m tons in June from 6.163m tons in May.
  • Oil production was 70kbpd above quota at 1.538mbpd (using a 7.3 tons to barrels conversion), Reuters calculations showed.
  • Kazakhstan previously promised to be fully compliant in June and compensate for overproduction by September 2025 after output 45kbpd above quota in May.

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