Close Menu
  • Home
  • Market News
    • Crude Oil Prices
    • Brent vs WTI
    • Futures & Trading
    • OPEC Announcements
  • Company & Corporate
    • Mergers & Acquisitions
    • Earnings Reports
    • Executive Moves
    • ESG & Sustainability
  • Geopolitical & Global
    • Middle East
    • North America
    • Europe & Russia
    • Asia & China
    • Latin America
  • Supply & Disruption
    • Pipeline Disruptions
    • Refinery Outages
    • Weather Events (hurricanes, floods)
    • Labor Strikes & Protest Movements
  • Policy & Regulation
    • U.S. Energy Policy
    • EU Carbon Targets
    • Emissions Regulations
    • International Trade & Sanctions
  • Tech
    • Energy Transition
    • Hydrogen & LNG
    • Carbon Capture
    • Battery / Storage Tech
  • ESG
    • Climate Commitments
    • Greenwashing News
    • Net-Zero Tracking
    • Institutional Divestments
  • Financial
    • Interest Rates Impact on Oil
    • Inflation + Demand
    • Oil & Stock Correlation
    • Investor Sentiment

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Hydrogen Europe

July 8, 2025

Lack of new US power capacity could increase blackouts 100 times by 2030, says Energy Department – Oil & Gas 360

July 8, 2025

bp, Libya’s NOC to explore oilfield redevelopment, unconventional potential

July 8, 2025
Facebook X (Twitter) Instagram Threads
Oil Market Cap – Global Oil & Energy News, Data & Analysis
  • Home
  • Market News
    • Crude Oil Prices
    • Brent vs WTI
    • Futures & Trading
    • OPEC Announcements
  • Company & Corporate
    • Mergers & Acquisitions
    • Earnings Reports
    • Executive Moves
    • ESG & Sustainability
  • Geopolitical & Global
    • Middle East
    • North America
    • Europe & Russia
    • Asia & China
    • Latin America
  • Supply & Disruption
    • Pipeline Disruptions
    • Refinery Outages
    • Weather Events (hurricanes, floods)
    • Labor Strikes & Protest Movements
  • Policy & Regulation
    • U.S. Energy Policy
    • EU Carbon Targets
    • Emissions Regulations
    • International Trade & Sanctions
  • Tech
    • Energy Transition
    • Hydrogen & LNG
    • Carbon Capture
    • Battery / Storage Tech
  • ESG
    • Climate Commitments
    • Greenwashing News
    • Net-Zero Tracking
    • Institutional Divestments
  • Financial
    • Interest Rates Impact on Oil
    • Inflation + Demand
    • Oil & Stock Correlation
    • Investor Sentiment
Oil Market Cap – Global Oil & Energy News, Data & Analysis
Home » Kazakhstan Can’t Make Supermajors Cut Oil Production
OPEC Announcements

Kazakhstan Can’t Make Supermajors Cut Oil Production

omc_adminBy omc_adminMay 29, 2025No Comments2 Mins Read
Share
Facebook Twitter Pinterest Threads Bluesky Copy Link


Kazakhstan cannot reduce its oil production as it has no right to impose output reductions on international firms that are operating more than 70% of Kazakhstan’s oilfields, Energy Minister Yerlan Akkenzhenov said on Thursday.

“The republic has no right to enforce production cuts” on the three large international consortiums, Bloomberg quoted Akkenzhenov as saying.

Earlier this month, Chevron’s chief executive, Mike Wirth, told analysts at the supermajor’s Q1 earnings call that “On OPEC plus in Kazakhstan, you know, really were not discussions of that. We don’t engage in discussions about OPEC or OPEC plus.”  

Referring to the other oilfields, which are operated by state-controlled KazMunayGas, the minister said that Kazakhstan cannot “practically” reduce production at these mature oilfields.

Kazakhstan’s overproduction in recent months has become a major issue for the OPEC+ alliance, of which the country is part. Kazakhstan has been consistently overproducing above its OPEC+ limit and is one of the biggest overproducers alongside Iraq and Russia. This has been a major headache for the other OPEC+ producers, many of which have been sticking to their quotas, especially the leader, Saudi Arabia.

Under the OPEC+ agreement, Kazakhstan’s crude oil production quota is below 1.5 million barrels per day (bpd). The deal doesn’t cover condensate production and has no limits on it.

Last week, Akkenzhenov said that Kazakhstan is likely to top its oil production plan this year, due to the expansion of the Chevron-led Tengiz field.

Earlier this year, Kazakhstan’s energy ministry said that the country plans to produce a total of 96.2 million tons of crude oil and condensate in 2025, or about 2 million bpd, which would be 9.7% higher compared to 2024.

Now Kazakhstan will likely top the production plans for the year, Minister Akkenzhenov was quoted as saying by Russian news agency TASS.

Kazakhstan has promised to “compensate” by shaving 1.3 million barrels from cumulative output by 2026. But with Western oil majors firmly in control of Kazakhstan’s biggest fields, that promise is more theoretical than enforceable.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com



Source link

Share. Facebook Twitter Pinterest Bluesky Threads Tumblr Telegram Email
omc_admin
  • Website

Related Posts

EU Parliament Endorses Eased Natural Gas Storage Targets

July 8, 2025

Supermajors to Significantly Boost Oil and Gas Output in Nigeria

July 8, 2025

U.S. Department of Energy Warns Risk of Blackouts Is Rising

July 8, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

LPG sales grow 5.1% in FY25, 43.6 lakh new customers enrolled, ET EnergyWorld

May 16, 20255 Views

South Sudan on edge as Sudan’s war threatens vital oil industry | Sudan war News

May 21, 20253 Views

Trump’s 100 days, AI bubble, volatility: Market Takeaways

December 16, 20072 Views
Don't Miss

bp, Libya’s NOC to explore oilfield redevelopment, unconventional potential

By omc_adminJuly 8, 2025

bp has signed a Memorandum of Understanding (MoU) with Libya’s National Oil Corporation…

SCB Exceeds Sustainable Finance Goal with Over 5B USD

July 8, 2025

ESMA Sets Emissions Reduction Targets for 2027 and 2030 in First Climate Transition Plan

July 8, 2025

How Close Did Iran Come to Shutting Strait of Hormuz?

July 8, 2025
Top Trending

UK public finances on ‘unsustainable’ path amid growing climate, debt and pension costs | Economic policy

By omc_adminJuly 8, 2025

Deadly floods could be new normal as Trump guts federal agencies, experts warn | Texas floods 2025

By omc_adminJuly 8, 2025

CapitaLand Launches New Framework to Quantify the Financial Return of Sustainability Investments

By omc_adminJuly 8, 2025
Most Popular

The 5 Best Soundbars of 2025

May 6, 20251 Views

Energy Department Lifts Regulations on Miscellaneous Gas Products

May 2, 20251 Views

Tesla may face more pressure from Musk’s political activities: analyst

July 8, 20250 Views
Our Picks

EnerMech Bags Triton FPSO Work

July 8, 2025

Valaris Secures New Works for Two of Its Drillships

July 8, 2025

Petronas Strengthens Partnerships for Sabah Oil and Gas Developments

July 8, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
© 2025 oilmarketcap. Designed by oilmarketcap.

Type above and press Enter to search. Press Esc to cancel.