Kazakhstan Reduces Oil Output in July
Kazakhstan’s average daily oil production fell to 1.827 million barrels in July, down 36,000 barrels from June, according to the Organization of the Petroleum Exporting Countries’ (OPEC) August report.
Despite the decline, output remained above the country’s OPEC+ quota of 1.514 million barrels per day. Production in May averaged 1.781 million barrels per day, while April-June averaged 1.824 million barrels, and January-March stood at 1.758 million barrels. In the final quarter of 2024, output averaged 1.417 million barrels per day. Annual averages were 1.539 million barrels in 2024 and 1.603 million in 2023.
OPEC as a whole produced 27.543 million barrels per day in July, up 263,000 barrels from June. Global oil demand for 2025 is forecast at 105.14 million barrels per day, representing an increase of 1.29 million barrels compared to 2024, while the 2026 estimate has been raised to 106.52 million barrels per day.
The average Brent ICE crude price in July was $69.55 per barrel, slightly below June’s $69.80. Eight OPEC+ member countries are projected to increase production in September.
Photo credit: Reuters
