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OPEC+ struggles to rein in Kazakhstan despite Saudi's ire
Mint New Delhi
|April 11, 2025
OPEC+ stunned oil traders last week by announcing it would revive oil output at 3 times the scheduled pace in May
Saudi Arabia's oil supply shock has set up a standoff with OPEC+ (Organization of the Petroleum Exporting Countries) members who keep busting their quotas, but the biggest of the offenders has yet to flinch.
Kazakhstan—whose persistent flouting of production limits triggered Riyadh's ire—continues to pump as usual at the biggest oil fields run by its international oil partners, according to people familiar with the matter. The Tengizchevroil joint venture that includes Chevron Corp. and Exxon Mobil Corp. will stick with plans to boost production this year and has no intention of cutting back, the people said. Another operator said they hadn't received any formal request to reduce.
This story is from the April 11, 2025 edition of Mint New Delhi.
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