ASTANA — Kazakhstan intends to reduce oil production in March following the January excess to meet its OPEC+ obligations, Minister of Energy Almassadam Satkaliyev said at a March 7 press conference.
Photo credit: gov.kz
According to the ministry, the overproduction was caused by an early start to production at the Tengiz oilfield. Originally scheduled for June-July, project partners advanced production to January.
Vice Minister of Energy Alibek Zhamauov noted that the lion’s share of oil exports goes through the Caspian Pipeline Consortium (CPC), which is undergoing repairs at the Kropotkinskaya pumping station after a Feb. 17 drone attack. Around 70% of the March production cuts will come from this pipeline.
To align with OPEC+ commitments, Kazakhstan will reduce output to approximately 1.5 million barrels per day.
