Commodities
OPEC+ Tensions With Kazakhstan Boil Over Sending Oil Price Lower
A pumpjack at an oilfield in Kazakhstan.
Photographer: Andrey Rudakov/Bloomberg
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OPEC+’s audacious bid to punish its oil-quota cheats prompted a renewed plunge in crude on Wednesday, as growing tensions with Kazakhstan stoked fears of an escalating price war.
Oil markets have been jittery since early April, when the producers’ group led by Saudi Arabia stunned traders by accelerating the revival in its output. This was an apparent effort to discipline over-producing members by driving down prices, yet Kazakhstan — the greatest offender — has continued to pump as usual at its biggest fields.