Oil output in Kazakhstan, which has frequently exceeded the quota set by the OPEC+ group, declined by 21,000 barrels per day in May to 1.803 million bpd, but was again above the group’s quota, OPEC monthly data showed on Monday.

Under the latest agreement by OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies, Kazakhstan’s quota for May rose to 1.486 million bpd from 1.473 million bpd in April.

Kazakhstan’s energy ministry has said it was committed to the OPEC+ agreement, while saying it put Kazakhstan’s national interests first.

It has also cited the difficulty of telling Western oil majors, such as Chevron and ExxonMobil, to curtail their plans.

OPEC+ has been increasing production by rolling back a series of output curbs as it seeks to win market share.

Initially the increased output lowered prices, punishing over-producers. International crude markets have, however, leapt above $70 a barrel in response to military strikes by Israel and Iran.

OPEC’s data also showed on Monday that Russia’s production was almost unchanged last month from April and reached 8.984 million bpd, below the country’s OPEC+ quota of 9.08 million bpd for May.
Source: Reuters