Latest news with #OlzhasBektenov
Yahoo
2 hours ago
- 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
The Star
18 hours ago
- Business
- The Star
Kazakhstan's crude oil output, exports rise in first half of 2025
ALMATY, July 15 (Xinhua) -- Kazakhstan's crude oil output in the first half of 2025 rose 11.6 percent year on year to 49.9 million tonnes, Kazinform news agency reported Tuesday. Kazakhstan's Energy Minister Yerlan Akkenzhenov said at a government briefing that the country's oil exports rose 11.9 percent in the same period to 39.6 million tonnes, and the export target for the full year is 70.5 million tonnes. Prime Minister Olzhas Bektenov reaffirmed Kazakhstan's commitment to the Organization of the Petroleum Exporting Countries and its partners (OPEC+), saying the country is doing its best to meet its obligations under the voluntary output agreement. However, Bektenov acknowledged that Kazakhstan had faced temporary difficulties in meeting production quotas due to an ongoing expansion project at the Tengiz oil field, the country's largest oil field. Once the project is completed, Kazakhstan will raise its projected obligations, he said. According to the Energy Ministry, Kazakhstan supplied 1.86 million barrels of crude oil per day in June, up from 1.78 million barrels in May and staying above its voluntary OPEC+ quota.
Zawya
a day ago
- Business
- Zawya
Kazakhstan hikes oil output by 11.6% in first half, no plans to quit OPEC+
ASTANA - Kazakhstan's oil output in the first half of 2025 rose by around 11.6% to 49.9 million metric tons from the same period in 2024, while the country has no plans to leave the OPEC+ group of global leading oil producers, senior officials said on Tuesday. The Central Asian republic has persistently exceeded quotas set by OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers led by Russia, angering some bloc's members, according to the industry sources. Energy minister Erlan Akkenzhenov said on Tuesday that Kazakhstan exported 39.6 million tons of oil (1.64 million barrels per day), while this year's export is expected at 70.5 million tons. Reuters uses the ratio of barrels of Kazakhstan's crude oil to metric tons of 7.5 barrels per metric ton. Separately, the country's Prime Minister Olzhas Bektenov said Kazakhstan did not plan to leave OPEC+, while conceding it has struggled to abide by the OPEC+ production quotas. He said it was due to the expansion of the Chevron-led Tengiz oilfield, the country's largest. Kazakhstan's OPEC+ quota is set to rise to 1.532 million barrels per day in August from 1.514 million barrels per day in July. This does not account for output of gas condensate, a type of light oil. (Reporting by Tamara Vaal in Astana and Mariya Gordeyeva in Almaty; Writing by Lidia Kelly in Warsaw and Vladimir Soldatkin in Moscow; Editing by Christian Schmollinger and Louise Heavens)
Reuters
a day ago
- Business
- Reuters
Kazakhstan hikes oil output by 11.6% in first half, no plans to quit OPEC+
ASTANA, July 15 (Reuters) - Kazakhstan's oil output in the first half of 2025 rose by around 11.6% to 49.9 million metric tons from the same period in 2024, while the country has no plans to leave the OPEC+ group of global leading oil producers, senior officials said on Tuesday. The Central Asian republic has persistently exceeded quotas set by OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers led by Russia, angering some bloc's members, according to the industry sources. Energy minister Erlan Akkenzhenov said on Tuesday that Kazakhstan exported 39.6 million tons of oil (1.64 million barrels per day), while this year's export is expected at 70.5 million tons. Reuters uses the ratio of barrels of Kazakhstan's crude oil to metric tons of 7.5 barrels per metric ton. Separately, the country's Prime Minister Olzhas Bektenov said Kazakhstan did not plan to leave OPEC+, while conceding it has struggled to abide by the OPEC+ production quotas. He said it was due to the expansion of the Chevron-led (CVX.N), opens new tab Tengiz oilfield, the country's largest. Kazakhstan's OPEC+ quota is set to rise to 1.532 million barrels per day in August from 1.514 million barrels per day in July. This does not account for output of gas condensate, a type of light oil.
