OPEC data show that Kazakhstan was the biggest laggard of OPEC+ in February.

OPEC data on Wednesday showed that Kazakhstan contributed over half of the overall OPEC+ rise in oil production during February. However, it lags behind its pledges for reducing production.

Kazakhstan consistently exceeded its production quota of 1.468 millions bpd, as per the agreement struck between the Organization of the Petroleum Exporting Countries (OPEC+) and their allies, including Russia.

According to OPEC, Kazakhstan produced 1.767 millions barrels of oil per day (bpd), up from 1.570 in January.

The government has committed to reducing the output of its products and compensating for any overproduction.

It is increasing oil production in the largest oilfield of the country, Tengiz, which is owned by Chevron.

According to OPEC, Russia's crude output fell by 0.04% in February to 8,973 million barrels a day (bpd), down from 8,977 million bpd in January.

The Russian output quota was 8.98 million bpd, which was agreed upon by OPEC+ producers.

The OPEC+ production will gradually increase, and Russia's quota should rise to 9.004 mln bpd by April.

Deputy Prime Minister Alexander Novak stated last week that OPEC+ agreed to increase oil production in April but could rescind the decision if market imbalances occur. (Reporting and editing by Tomaszjanowski, Olesya Astakhova, and Vladimir Soldatkin)

(source: Reuters)