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Investing.com -- Kazakhstan’s oil production has hit a new high this month, surpassing OPEC+ production quotas, according a Reuters report on Friday. The increase in output can be attributed to the expansion of oilfields in the country.
American oil giants such as Chevron (NYSE:CVX) and Exxon Mobil (NYSE:XOM) have invested heavily in expanding projects in Kazakhstan’s largest oilfields. As a result, the country is finding it challenging to persuade these companies to cut back their production levels.
Following intense discussions about OPEC+ compliance, the Energy Minister of Kazakhstan has resigned from his position.
From March 1-16, oil and gas condensate production in Kazakhstan reached 4.6 million metric tons, which translates to 2.16 million barrels per day (bpd), sources reported. This figure shows an increase from an average of 2.12 million bpd in February.
While Kazakhstan’s OPEC+ quota does not restrict condensate production, crude oil production is supposed to be set at 1.468 million bpd.
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