Kazakhstan could sharply increase its crude oil exports out of Turkey's port of Ceyhan, and dramatically reduce the more than 80% share of flows it currently sends via Russia
Kazakhstan could sharply increase its crude oil exports out of Turkey's port of Ceyhan, and dramatically reduce the more than 80% share of flows it currently sends via Russia, Reuters has reported. According to Kazakhstan Energy Minister Almasadam Satkaliyev, exports via the Baku-Tbilisi-Ceyhan BTC pipeline could increase to 20 million metric tons a year from the current 1.5 million as the country increases oil production.
Earlier in the year, Russia, Iraq and Kazakhstan submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d and Kazakhstan 620 kb/d.
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