OPEC+ Boosts Kazakhstan's Oil Production Target by 10,000 Barrels per Day

Kazakhstan's OPEC+ crude oil production target will increase by 10,000 barrels per day in September to 1.628 million barrels per day after seven producers agreed to boost their combined target by 188,000 barrels per day.

The decision marks the completion of the gradual restoration of 1.65 million barrels per day of production withheld under voluntary cuts announced in April 2023.

OPEC's country allocations have raised targets for Saudi Arabia and Russia to 12.25 million barrels per day each, Iraq to 4.48 million, Kuwait to 2.92 million, Kazakhstan to 1.63 million, Algeria to 1.27 million, and Oman to 1.17 million barrels per day.

Kazakhstan has faced pressure from OPEC+ after repeatedly producing above its agreed limits, but Astana has stated it intends to meet its compensation commitments.