Astana, as part of the OPEC+ agreement, pledged to produce no more than 1.4 million barrels of oil per day, but in September production increased to 1.6 million barrels.
Kazakhstan increased crude oil production in September by 10% compared to August to 6.55 million tons and thus exceeded the limits of oil production in September of this year, reports Reuters news agency.
Using a barrelization factor of 7.5, Kazakhstan’s oil production in September reached 1.638 million barrels per day, which is about 170,200 barrels above the OPEC+ quota.
For using the 7.3 barrels per tonne ratio that Kazakhstan used previously, it still exceeded production limits by 126,500 barrels per day last month, producing 1.6 million barrels of crude oil per day.
Kazakhstan, within the framework of the OPEC+ agreement, pledged to produce no more than 1.468 million barrels of oil per day in January-November 2024. However, production in September increased compared to August at 1.6 million barrels (assuming with a barrelization coefficient of 7.3).
In October, Kazakhstan planned the largest amount of compensation related to the planned major overhaul of the Kashagan field with a complete shutdown of production.
September production in Kazakhstan increased thanks to a 30% increase in the Tengiz field to 687,160 barrels per day due to the completion of maintenance.
We remind you that the government of Suad Arabia said that the world oil price could drop to $50 per barrel if OPEC+ members do not adhere to the agreed production limits.
Earlier, the media wrote that Saudi Arabia intends to start increasing production by 83 thousand barrels per month. The pace could accelerate if other countries do not comply with agreements under the OPEC+ agreement.
Source: korrespondent
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