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Kazakhstan ‘keen to raise’ oil output, deputy energy minister says

Non-OPEC member Kazakhstan is keen to raise its oil output but is committed to comply with the pace set under an OPEC+ agreement, Murat Zhurebekov, first vice-minister of energy, said on Tuesday.

Kazakhstan is currently producing 12% under its 1.7 million barrels per day capacity (bpd), Zhurebekov told Reuters on the sidelines of the World Petroleum Congress in Houston, adding that reaching maximum levels “wouldn’t happen overnight.”

OPEC+, which comprises of the Organization of the Petroleum Exporting Countries and allies, including Kazakhstan, last week rolled over a previous plan to increase output in January by 400,000 bpd, despite fears a U.S. release from crude strategic reserves and the new Omicron coronavirus variant would lead to an oil price rout.

“We are keen to raise production, like other producing countries are, but we are sticking with the status quo,” Zhurebekov said.

“Increasing production depends on the situation of the pandemic, we will have to wait and see”.

Kazakstahn can add an estimated 250,000 bpd of production to the global supply over the coming years, according to IHS Markit said during the event.
Source: Reuters (Reporting by Sabrina Valle Editing by Chris Reese and Marguerita Choy)

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