Exclusive-Kazakhstan hikes oil output to a record high of 2.12 million bpd in February, source says

Published 03/03/2025, 09:08 AM
Updated 03/03/2025, 09:15 AM
© Reuters. An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

MOSCOW (Reuters) - Kazakhstan raised crude oil and gas condensate production in February by 13% from January to a record high 2.12 million barrels per day, a source told Reuters on Monday, again exceeding its quota within the OPEC+ group of oil producers.

Excluding gas condensate, a type of light oil, crude oil production jumped last month by 15.5% from January to 1.83 million bpd, according to the source familiar with the official statistics, and Reuters calculations, which take into account Kazakhstan's tons per barrel ratio of 7.5.

Kazakhstan has persistently exceeded its output quota of 1.468 million bpd under the production-curbing deal struck by the Organisation of the Petroleum Exporting Countries and allies including Russia - together known as OPEC+.

It has promised to cut the output and compensate for overproduction.

However, it is boosting oil production at the Chevron-led Tengiz oilfield, country's largest.

The field saw production increase to 904,000 bpd last month from 640,000 bpd in January following completion of maintenance and due to an expansion programme, the source said.

The energy ministry did not immediately reply to a request for comment.

Output has also increased despite last-month's drone attack at a pumping station on Russia's stretch of the Caspian Pipeline Consortium (CPC), which exports around 80% of Kazakhstan's oil.

Kazakhstan said last month the oil supplies via CPC were on schedule.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.