Latest news with #Chevron-led
Yahoo
16-07-2025
- Business
- Yahoo
Kazakhstan reports 11.6% increase in H1 2025 oil production
Kazakhstan's oil production in the first half of 2025 witnessed a significant surge of approximately 11.6%, reaching 49.9 million tonnes (mt), compared to the same period in 2024, according to a Reuters report, citing senior officials. The nation's persistent overproduction has been a point of contention within OPEC+, which includes the Organisation of the Petroleum Exporting Countries (OPEC) and allies such as Russia. Industry sources note that Kazakhstan's output has consistently surpassed the group's quotas, causing friction among some members. On 15 July, Kazakhstan's Energy Minister Erlan Akkenzhenov said that the country exported 39.6mt of oil, equivalent to 1.64 million barrels per day (mbpd), and anticipates exports to reach 70.5mt for the year. Kazakh Prime Minister Olzhas Bektenov further stated that despite the challenges in adhering to OPEC+ production quotas, largely due to the expansion of the Chevron-led Tengiz oilfield, there are no plans to withdraw from the pact. Chevron has been increasing its output at Tengiz, the biggest oil field in Kazakhstan, playing a significant role in the nation's boost in production. The country's OPEC+ production quota is expected to increase to 1.532mbpd in August, up from 1.514mbpd in July, excluding the output of gas condensate. According to OPEC's monthly report, Kazakhstan led a substantial production increase among OPEC+ members in February, with the collective output of the alliance rising by 363,000bpd to 41.01mbpd. Kazakhstan's oil production levels have reached new highs, with February's output soaring by 198,000bpd to 1.77mbpd, which is at least 300,000bpd above its designated OPEC+ ceiling. "Kazakhstan reports 11.6% increase in H1 2025 oil production" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
15-07-2025
- Business
- Time of India
Kazakhstan's oil output rose in June, OPEC says
Moscow: Kazakhstan's oil output rose last month after slightly falling in May, and remained above the country's frequently-exceeded quota set by the OPEC+ group, OPEC monthly data showed on Tuesday. According to OPEC, Kazakhstan's oil production rose by 64,000 barrels per day in June to 1.847 million bpd. Under the latest agreement reached by OPEC+, which includes the Organisation of the Petroleum Exporting Countries and allies, Kazakhstan's quota for June stood at 1.5 million bpd. A source familiar with the data told Reuters earlier this month that Kazakhstan oil output matched an all-time high in June at 1.88 million bpd as the Chevron-led Tengiz field ramped up production. Kazakhstan's energy ministry has said it is committed to the OPEC+ agreement, while also saying it puts Kazakhstan's national interests first.
The Sun
04-07-2025
- Business
- The Sun
OPEC+ likely to approve 411,000 bpd oil output hike for August
LONDON: Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share. The group, which includes Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria, is expected to agree to an increase of 411,000 barrels per day for August, several sources told Reuters, speaking on condition of anonymity. If agreed, OPEC+ would have increased supply targets by about 1.78 million bpd, or 1.5% of global oil consumption. Actual increases, however, have been lower as some members deliver cuts to compensate for past overproduction. On Friday, the group decided to bring the meeting date forward by one day, the sources said. One of them said it was not yet clear if 411,000 bpd would be the final agreement. OPEC+ made a radical change in policy this year, after several years of output cuts totalling more than 5 million bpd. This came when the eight members started to unwind their most recent output cut of 2.2 million bpd starting in April and accelerated the hikes in May, June and July, despite the extra supply weighing on crude prices. The acceleration came after some members, such as Kazakhstan, produced way over their targets, angering other members that were sticking more closely to agreed cuts. Kazakh output returned to growth last month and matched an all-time high, as the Chevron-led Tengiz field ramped up, a source familiar with the data told Reuters this week. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is looking to expand its market share against the backdrop of growing supplies from other producers like the United States. The group pumps about half of the world's oil. As of their decision for July output, the OPEC+ eight have made or announced production increases of 1.37 million bpd. This is 62% of the production cut of 2.2 million bpd that they are unwinding. - Reuters
New Straits Times
04-07-2025
- Business
- New Straits Times
OPEC+ set to make another accelerated oil output hike on Saturday
LONDON: Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share. The group, which includes Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria, is expected to agree to an increase of 411,000 barrels per day for August, several sources told Reuters, speaking on condition of anonymity. If agreed, OPEC+ would have increased supply targets by about 1.78 million bpd, or one and a half per cent of global oil consumption. Actual increases, however, have been lower as some members deliver cuts to compensate for past overproduction. On Friday, the group decided to bring the meeting date forward by one day, the sources said. One of them said it was not yet clear if 411,000 bpd would be the final agreement. OPEC+ made a radical change in policy this year, after several years of output cuts totalling more than 5 million bpd. This came when the eight members started to unwind their most recent output cut of 2.2 million bpd starting in April and accelerated the hikes in May, June and July, despite the extra supply weighing on crude prices. The acceleration came after some members, such as Kazakhstan, produced way over their targets, angering other members that were sticking more closely to agreed cuts. Kazakh output returned to growth last month and matched an all-time high, as the Chevron-led Tengiz field ramped up, a source familiar with the data told Reuters this week. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is looking to expand its market share against the backdrop of growing supplies from other producers like the US. The group pumps about half of the world's oil. As of their decision for July output, the OPEC+ eight have made or announced production increases of 1.37 million bpd. This is 62 per cent of the production cut of 2.2 million bpd that they are unwinding.
Business Recorder
04-07-2025
- Business
- Business Recorder
OPEC+ set to make another accelerated oil output hike on Saturday, sources say
LONDON: Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share. The group, which includes Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria, is expected to agree to an increase of 411,000 barrels per day for August, several sources told Reuters, speaking on condition of anonymity. If agreed, OPEC+ would have increased supply targets by about 1.78 million bpd, or 1.5% of global oil consumption. Actual increases, however, have been lower as some members deliver cuts to compensate for past overproduction. On Friday, the group decided to bring the meeting date forward by one day, the sources said. One of them said it was not yet clear if 411,000 bpd would be the final agreement. OPEC+ made a radical change in policy this year, after several years of output cuts totalling more than 5 million bpd. This came when the eight members started to unwind their most recent output cut of 2.2 million bpd starting in April and accelerated the hikes in May, June and July, despite the extra supply weighing on crude prices. The acceleration came after some members, such as Kazakhstan, produced way over their targets, angering other members that were sticking more closely to agreed cuts. Kazakh output returned to growth last month and matched an all-time high, as the Chevron-led Tengiz field ramped up, a source familiar with the data told Reuters this week. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is looking to expand its market share against the backdrop of growing supplies from other producers like the United States. The group pumps about half of the world's oil. As of their decision for July output, the OPEC+ eight have made or announced production increases of 1.37 million bpd. This is 62% of the production cut of 2.2 million bpd that they are unwinding.
