Kazakhstan oil production dips in April but remains above OPEC+ quota

Investing.com -- Kazakhstan’s oil production has experienced a slight decrease in the early part of April compared to the average output in March, according to a Reuters report on Monday. However, the country’s oil output is still surpassing the quota set by the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+.

The report revealed that the central Asian nation’s crude production, excluding gas condensate, dropped by 3% from the March average to around 1.82 million barrels per day in the period from April 1 to April 13. This decline was attributed to a decrease in production at the Tengiz field, which is led by Chevron (NYSE:CVX).

Kazakhstan, ranking among the top-10 oil producers worldwide, has consistently produced more than the quotas established by OPEC+. This alliance, which includes the Organization of the Petroleum Exporting Countries and other producers led by Russia, has expressed concerns over Kazakhstan’s overproduction.

Even with the recent decline, Kazakhstan’s oil output is projected to surpass its OPEC+ quota of 1.473 million barrels per day for April. This continuation of overproduction could potentially lead to further discussions within the OPEC+ alliance.

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