Ministry of Energy of the Republic of Kazakhstan: The Tengiz Field Will No Longer Increase Oil Production
Oil production in the Republic of Kazakhstan rose by 2% from the April average, reaching 1.86 million barrels per day (bpd) between May 1 and May 19, according to Reuters. The Tengiz field alone contributed 932,000 bpd to this total.
In April, Kazakhstan reduced its oil output by 3% month-on-month, producing 1.82 million bpd. However, this figure still exceeded the country’s OPEC+ quota of 1.486 million bpd by almost 400,000 bpd.
According to OPEC+ data, Kazakhstan is obligated to compensate for 1.3 million barrels of excess production by June 2026. The Ministry of Energy of Kazakhstan informed Reuters that Tengiz has now reached its planned production capacity, and no further increases are expected in the remainder of the year. The ministry also emphasized that Kazakhstan is taking all necessary steps to comply with OPEC+ obligations and to offset overproduced volumes.
Earlier, the ministry had stated that Kazakhstan does not plan to reduce oil production, a position that has been repeatedly communicated to OPEC+ partners.
In the first quarter of 2025, Tengizchevroil, the consortium operating the Tengiz field, increased oil production by 25%, reaching 9.37 million metric tons, or approximately 74.5 million barrels. The main stakeholders in the Tengiz project are Chevron (50%), ExxonMobil (25%), KazMunayGas (20%), and LUKOIL (5%).
Neftegaz i Kapital notes that, according to unconfirmed reports, OPEC+ plans to ramp up oil production in May and June to levels three times higher than initially announced in April. These plans appear to be a direct response to quota violations and non-compliance by certain member states, including Iraq and Kazakhstan. Reportedly, Saudi Arabiawas so frustrated with the excess production in these countries that it supported an accelerated lifting of voluntary production cuts, aiming to demonstrate the consequences of non-compliance within the OPEC+ agreement.
