Judging by how things are going now, Kazakhstan may not meet its compensation scheme it submitted to OPEC
Kazakhstan has been one of the “rogue” members of OPEC, regularly producing more oil than it was supposed to under the bloc’s output cap agreement. Now, it seems that Kazakhstan has done it again, potentially heightening internal tensions within OPEC. Reuters reported this week that Kazakhstan ’s largest field, Tengiz, had hit record-high production levels since the start of the month. The publication cited unnamed sources for the information, which put Tengiz’s total at 699,999 barrels daily.
This is what has made it so difficult for OPEC and later OPEC to make the production cuts work. Some members, such as Iraq and apparently Kazakhstan, are more interested in current market share and exporting as much as they can. Others, such as the Saudis, are, or at least were, more concerned with prices over the longer term, hence the effort to prop these up, even at the expense of market share.
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