It is unlikely that Kazakhstan has reduced its oil production in May, so once again the agreed production volume will once exceed.
OPEC+ countries can follow Kazakhstan and increase production more pronounced
“As the Reuters news agency reported, citing an anonymous source related to industry, Kazakh oil production, excluding condensate May.
“The significant increase in production in recent months is attributed to the Tengiz oil field, which is expected to represent about half of Kazakhstan’s oil production in May. According to the Kazakhstan Ministry of Energy, production in the Tengiz oil field has reached the target level, so it is not expected that production is not more this year.”
“However, OPEC+ and Saudi Arabia in particular will probably not be satisfied with this. If Kazakhstan does not reduce production towards the agreed level, it is likely that the other seven OPEC+ countries, which had voluntarily reduced their production, also increase production more pronounced in the summer months. An equally strong production increase in July as in May and June has become very likely.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
