Kazakhstan has boosted oil output so far this year in defiance of OPEC

Oil prices are under pressure after a Reuters reporting saying that Kazakhstan has boosted oil production by 2% so far this month. The country is in a battle with OPEC over compensatory cuts it’s promised but failed to deliver after over-producing quotas. The report cites an industry source.

The higher production has led to OPEC speeding up the planned return of barrels and with this move, that acceleration is likely to continue. Oil prices have come under pressure in the past hour and this report is weighing further.

“Kazakhstan is taking all measures to comply with OPEC+ obligations and compensate for excess production,” the oil ministry said.

The report said monthly production is at 1.86 mbpd compared to the quota of 1.486 mbpd.

This article was written by Adam Button at www.forexlive.com.