Oil Daily | Kazakhstan's Oil Output Challenges OPEC Quotas Amid Rising Global Production Trends
Generated by AI AgentAinvest Market Brief
Monday, Jun 2, 2025 8:01 am ET1min read
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【Global Oil Supply and Demand】
The Kashagan oilfield in Kazakhstan, which started production in 2013, is projected to reach 1 billion barrels of cumulative production by year-end. It holds approximately 35 billion barrels of oil, with half deemed recoverable. Developed by international majors and KazMunayGas, it has produced 906 million barrels of oil.
【Oil-Producing Countries Dynamics】
Kazakhstan's increased oil production has challenged OPEC quotas, with the country consistently exceeding its ceiling. Energy Minister Yerlan Akkenzhenov stated Kazakhstan can't impose output reductions on international firms operating over 70% of its oilfields. Deputy Energy Minister Alibek Zhamauov confirmed Kazakhstan's notification to OPEC about not cutting production.
【Industry News】
Make UK has raised concerns over high energy costs for industrial consumers in the UK, claiming it threatens the future of manufacturing. The UK's energy costs, attributed to the shift from hydrocarbons to renewables, are the highest in the developed world. This has contributed to rapid deindustrialization, with manufacturing hitting an all-time low of 9% GDP in 2024.
【Company News】
German asset manager Union Investment divested ExxonMobil shares, citing inadequate climate targets. Despite ExxonXOM-- pursuing lower-emission investments, Union Investment criticized their lack of Scope 3 targets for emissions reduction. The asset manager previously removed TotalEnergiesTTE-- from sustainability funds over human rights allegations but retained holdings due to Scope 3 targets.
【Latest Oil Policies】
Goldman SachsAAAU-- anticipates OPEC's final production hike of 411,000 barrels daily in August amid tight spot oil fundamentals and seasonal demand. Despite geopolitical tensions drawing attention away from OPEC's July announcement, speculation about further hikes affected market reactions. Goldman predicts non-OPEC production growth as global economic growth slows, impacting oil prices.
The Kashagan oilfield in Kazakhstan, which started production in 2013, is projected to reach 1 billion barrels of cumulative production by year-end. It holds approximately 35 billion barrels of oil, with half deemed recoverable. Developed by international majors and KazMunayGas, it has produced 906 million barrels of oil.
【Oil-Producing Countries Dynamics】
Kazakhstan's increased oil production has challenged OPEC quotas, with the country consistently exceeding its ceiling. Energy Minister Yerlan Akkenzhenov stated Kazakhstan can't impose output reductions on international firms operating over 70% of its oilfields. Deputy Energy Minister Alibek Zhamauov confirmed Kazakhstan's notification to OPEC about not cutting production.
【Industry News】
Make UK has raised concerns over high energy costs for industrial consumers in the UK, claiming it threatens the future of manufacturing. The UK's energy costs, attributed to the shift from hydrocarbons to renewables, are the highest in the developed world. This has contributed to rapid deindustrialization, with manufacturing hitting an all-time low of 9% GDP in 2024.
【Company News】
German asset manager Union Investment divested ExxonMobil shares, citing inadequate climate targets. Despite ExxonXOM-- pursuing lower-emission investments, Union Investment criticized their lack of Scope 3 targets for emissions reduction. The asset manager previously removed TotalEnergiesTTE-- from sustainability funds over human rights allegations but retained holdings due to Scope 3 targets.
【Latest Oil Policies】
Goldman SachsAAAU-- anticipates OPEC's final production hike of 411,000 barrels daily in August amid tight spot oil fundamentals and seasonal demand. Despite geopolitical tensions drawing attention away from OPEC's July announcement, speculation about further hikes affected market reactions. Goldman predicts non-OPEC production growth as global economic growth slows, impacting oil prices.
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