Kazakhstan has taken the lead in a substantial increase in oil production among the Organization of the Petroleum Exporting Countries (OPEC)+ in February, OPEC’s monthly report has revealed, reported Reuters.
According to the latest OPEC report, the collective output of OPEC+, which includes OPEC members, Russia and other allies, rose by 363,000 barrels per day (bpd) to 41.01 million barrels per day (mbbl/d).
Kazakhstan has been producing oil at record levels, exceeding its OPEC+ quota. In February, the country’s production jumped by 198,000bpd to 1.77mbbl/d, which is at least 300,000bpd above its designated OPEC+ ceiling.
Chevron has also been expanding production at Tengiz, Kazakhstan’s largest oil field, contributing to the country’s output surge.
This surge in production is more than double the scheduled 138,000bpd increase planned for April, as OPEC+ gradually phases out its recent output restrictions.
OPEC’s data, gathered from secondary sources, indicates that other OPEC+ nations including the United Arab Emirates, Nigeria and Gabon have also been producing above their quotas, albeit by smaller margins.
Industry insiders noted that Kazakhstan’s record production levels influenced the decision by OPEC+ to proceed with the output increase in April.
The planned increase in output, coupled with concerns over trade tariffs, has exerted downward pressure on oil prices.
Kazakh officials committed to reducing their output in March, April and May during a recent meeting.
The latest report also forecasts global oil demand growth will increase by 1.45mbbl/d in 2025 and 1.43mbbl/d in 2026.
These figures remain unchanged from the previous month, indicating OPEC’s confidence in the resilience of oil demand despite ongoing economic uncertainties.
