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Kazakhstan's Oil Output In Feb Exceeds Level Agreed With OPEC

Source: Reuters 3/13/2017, Location: Asia

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Kazakhstan's oil production in February exceeded its agreed limit under an OPEC-led deal to cut output and support prices, official Kazakh data showed on Monday. The central Asian country's output of oil and gas condensate rose 2 percent last month from January to total 1.718 million barrels per day (bpd), or 38,000 bpd above its limit under the deal.

Kazakhstan's energy minister has said his country, which is not an OPEC member, would cut output by 20,000 bpd from the 1.7 million bpd it produced in November.

In January, Kazakhstan produced 1.68 million bpd of oil and gas condensate.

The rise in Kazakh production mainly came from the country's largest fields, including the giant Kashagan field where daily output was up 7 percent month-on-month, according to the data from the analytical centre of the Kazakh energy ministry.

Output at the Tengiz field was up 6 percent versus January levels, the same data showed.

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