Kazakhstan's daily oil output falls 4pc in May on lower Tengiz production
MOSCOW: Kazakhstan's oil production fell 4% in May from April due to lower production from the Tengiz oilfield, but remained above the OPEC+ quota, according to an industry source familiar with the statistics, and Reuters calculations.
Kazakhstan, a top-10 oil producer, has persistently exceeded quotas set by OPEC+, an alliance between the Organization of the Petroleum Exporting Countries and other producers led by Russia. Kazakhstan officials said the state had informed the group that it had no plans to cut back its output.
Kazakhstan produced 1.748 million bpd of oil in May, according to the source.
The country's OPEC+ quota for May is 1.486 million bpd. Oil output in Kazakhstan fell in May as Chevron-led Tengizchevroil cut output on the giant Tengiz oilfield to 813,200 bpd from 885,000 bpd. Kazakhstan's energy ministry and Tengizchevroil did not reply to requests for comment.
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