Kazakhstan Continues Increasing Oil Production

Kazakhstan keeps on increasing oil production despite its participation in OPEC+ deal. reports the Association of Financiers of Kazakhstan. `Production increased by 23 000 barrels per day in May to 1.85 mln barrels per day (+0.14 mln bpd year on year). According to OPEC. production volume at Kashagan field for the first time reached 300 thousand barrels per day.` reads the message. 5.02 mln tons of oil or 39.68 mln barrels were shipped at KTK-P sea terminal in June 2018. `It is 328.75 000 tons higher in comparison to the previous year. Out of shipped 5.02 mln tons of oil 2.1 mln tons fall on Tengiz. Karachaganak field- 0.78 mln tons. oil from Kashagan field made 1.16 mln tons.` reads the message. The association indicated reduction of oil prices over the past 2 days: Brent oil price lowered by 5.8% from $78.9 to $74.3 per barrel. `One of the main reasons of this dynamics is OPEC`s oil market report published on July 11. The investors were concerned that Saudi Arabia boosted oil production in June by 405.4 thousand barrels per day. in the direct communication it reported growth by 459 thousand barrels per day.` reads the message.

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