OPEC+ Increases Production; Kazakhstan Rethinks Strategy

OPEC+ nations, including Saudi Arabia and Russia, have pledged to increase oil production to 2022 levels, reversing their strategy of limiting output to keep prices high. This decision, influenced by US President Donald Trump, has resulted in a drop in crude oil prices. Despite consistently exceeding quotas, Kazakhstan is in talks with oil majors to cut its production to align with OPEC+ targets. The country is also working to diversify its export routes and plans to increase oil exports via the Baku-Tbilisi-Ceyhan pipeline from 1.4 million tons to 2.2 million tons annually. These strategic shifts are reflective of geopolitical challenges in the region amidst ongoing global market adjustments.