Kazakhstan Leads OPEC+ Output Surge, Exceeds Quota

Kazakhstan has emerged as a leading contributor to the increase in oil production within the Organization of the Petroleum Exporting Countries (OPEC)+, with its output rising by 198,000 barrels per day (bpd) to 1.77 million bpd in February, significantly exceeding its OPEC+ quota. This boost brought the overall OPEC+ production to 41.01 million bpd, influenced by Kazakhstan's record levels, which accounted for more than half of the group's overall rise. Despite this surge, Kazakhstan's Energy Ministry reaffirmed its commitment to the OPEC+ Agreement, indicating plans to compensate for the overproduction and adjust output in the coming months. Other nations, including the UAE and Nigeria, also produced above their quotas but to a lesser extent. Concerns about trade tariffs are putting downward pressure on oil prices, while OPEC forecasts a steady growth in global oil demand. Kazakhstan's contribution, while significant, represents only a small fraction of global oil supply, underscoring its role as a reliable partner in the OPEC+ framework.