Kazakhstan Boosts Oil Output to Record High Amid OPEC+ Deal
Kazakhstan raised crude oil production in February by 13% from January, exceeding its quota for the second month in a row, to a record high of 2.12 million barrels per day, according to a source familiar with official statistics. The country's persistence in exceeding output quotas has sparked concerns about its compliance with the production-curbing deal struck by OPEC+ nations. Despite this, Kazakhstan is boosting oil production at its Chevron-led Tengiz oilfield, where production increased last month due to maintenance and expansion work.
- This surge in oil output highlights the challenges faced by OPEC+ countries in enforcing production curbs and maintaining compliance with quotas, particularly when individual member states prioritize domestic economic interests.
- What are the broader implications for global energy markets if other OPEC+ nations follow Kazakhstan's lead in disregarding agreed-upon production targets?