Bloomberg: Kazakhstan increases petroleum production regardless of the promise to reduce it

Petroleum production in Kazakhstan reaches new records after completion of repair operations at three large oil fields: Tengiz, Kashagan and Karachaganak. And most likely production of “black gold” will exceed the OPEC quota within frames of output decline transaction, which will last until end of March, – writes Bloomberg.

Thus daily production rate has already reached a record level of 269 000 tons. In conversion to barrels this rate significantly exceeds the output, which the country promised to produce with the purpose of petroleum market stabilization.

Petroleum production in Kazakhstan since January to October 2019.

But even regardless of the output growth Kazakhstan most likely will not exceed the production rate quotas (January 2019 – March 2020).