(Oil Price)– Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate–a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd. The OPEC+ member has been able to increase oil output
Oil Price As part of their commitment to compensate for exceeding production quotas, certain OPEC+ members have submitted detailed plans outlining how they intend to implement these compensatory cuts. Both Iraq and Kazakhstan, nations that had surpassed their agreed-upon oil production targets by several hundred thousand barrels per day in the first quarter of the year, have submitted their respective
Reuters Kazakhstan is changing the name of the oil it exports via Russian sea ports to Kazakhstan Export Blend Crude Oil (KEBCO) to dissociate it from oil originating in Russia in order to avoid sanction risks and issues with financing. “Due to recent significant geopolitical changes … and to avoid negative effect of the changes on Kazakh oil exports via
CNBC Over the span of just two days, what began as protests over spiking fuel prices have snowballed into the most serious unrest the Central Asian nation of Kazakhstan, a major energy producer and long a symbol of stability among the former Soviet states, has faced in decades. “I’ve never seen anything like this in Kazakhstan,” Maximilian Hess, a Russian
From Reuters Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran and Venezuela, Kazakh Energy Minister Kanat Bozumbayev said. The Organization of the Petroleum Exporting Countries and other large oil producers, including Russia and Kazakhstan, meet in Vienna on
Dutch Court Upholds $5.2 Billion Asset Freeze On Major Kazakhstan Oil Field
Chevron gives Tengiz Expansion in Kazakhstan the green-light, taking advantage of lower drilling prices Chevron Corporation (ticker: CVX) announced the first oil and gas investment to exceed $10 billion in 2016 with its decision to go ahead with an expansion on the Tengiz project in Kazakhstan. According to the company’s press release, Chevron and its partners plan to invest roughly
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