MOSCOW, March 21 (Reuters) - Kazakhstan's oil output has
reached a record high this month on the back of oilfield
expansion, further exceeding OPEC+ production quotas, two
industry sources said and Reuters calculations showed on Friday.
The country has repeatedly exceeded its OPEC+ quotas in
recent months and has promised to reduce output under pressure
from OPEC+ leaders Saudi Arabia and Russia.
However, it is finding it difficult to convince U.S. oil
majors such as Chevron ( CVX ) and Exxon Mobil ( XOM ) to reduce
output from Kazakhstan's biggest fields after the companies
spent tens of billions of dollars on expanding their projects.
After tough discussions on OPEC+ compliance the state's
Energy Minister has stepped down.
Oil and gas condensate production in Kazakhstan reached 4.6
million metric tons over March 1-16, or 2.16 million barrels per
day (bpd), the sources said. That compared with 2.12 million bpd
on average in February.
Kazakhstan's OPEC+ quota doesn't limit condensate production
but crude oil output is meant to be set at 1.468 million bpd.
Kazakhstan produced 1.86 million bpd of crude on average
over March 1-16, exceeding its OPEC+ quota by almost 400,000
bpd, Reuters calculations showed, based on the data provided by
the sources.
Output was also above OPEC+ quotas in January and February
at 1.767 million bpd and 1.57 million bpd respectively, OPEC
data showed last week.
The state pledged to compensate with additional cuts. OPEC+
on Thursday issued a new schedule for seven member nations
including Russia, Kazakstan and Iraq to make further oil output
cuts to compensate for pumping above agreed levels.
OPEC+ sources told Reuters that record Kazakh output had
angered some key members and helped to sway their decision this
month to proceed with a plan to start raising output from April.
Kazakhstan's March oil exports remain high, with flows via
its Caspian Pipeline Consortium (CPC) export route continuing
unabated. Exports via the CPC pipeline have been set at 1.7
million bpd for April, in line with the preliminary March plan.