No change in oil production plans, Kazakh oil company says

14 Jun 2017   Kazakhstan

Crude oil production from Kazakhstan could increase by the end of the year once operations at its Kashagan oil field are optimized. Photo courtesy of North Caspian Operating Company. June 13 (UPI) — Kazakhstan, a party to an OPEC-led market balance agreement, has no plans to modify its production plans, a spokesperson for an energy company said. Kazakhstan, under the terms of an agreement coordinated by the Organization of Petroleum Exporting Countries, sidelined about 20,000 barrels per day. It’s one of a handful of Central Asian producers contributing to a deal to balance an oversupplied market with managed declines in output. During the weekend, Russia news agency Tass reported that Kazakhstan had agreed to compensate for the expected increase in production from its giant Kashagan oil field so it doesn’t violate the terms of the OPEC-led effort. A spokesperson for the North Caspian Operating Co., a consortium managing Kashagan, […]

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