Kazakhstan Again Misses OPEC+ Target for Cutting Oil Output
- Deeper cuts were planned to coincide with Kashagan field works
- Production has exceeded the target every month this year
Workers perform maintenance on an oil pumping unit at an oilfield near Atyrau, Kazakhstan.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Kazakhstan lowered oil production sharply in October, with maintenance work closing one of its main fields, but still failed to meet its OPEC+ output cuts target.
The Central Asian nation pumped 1.29 million barrels a day in October, according to figures published by the Organization of Petroleum Exporting Countries. That was down by 292,000 barrels a day from September, but was still almost 90,000 barrels a day above its output target, which had been reduced to compensate for earlier over-production.