Kazakhstan Oil Buyers Demand More Supply as Hormuz Closure Tightens Market
Power Mix for the First Month Ever Tether’s planned Georgian lari stablecoin… What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Customers buying oil from Kazakhstan are urging the OPEC+ producer to ramp up crude supply and deliver the maximum available volumes, Kazakhstan’s Energy Minister Yerlan Akkenzhenov said on Wednesday.
“In light of restrictions in the Strait of Hormuz, our partners are asking us to increase supplies,”Reutersquoted Akkenzhenov as telling reporters in Astana today.
“They are asking for the maximum,” the minister said, but added that “Naturally, we have infrastructure constraints within the limits of Kazakhstan’s current production levels.” Kazakhstan hasn’t really complied with its OPEC+ production quota in recent years but has vowed continued participation in the group managing oil supply.
The country has seen several operational challenges so far this year, beyond the limits of the nowlargely symbolic OPEC+ quotaswhich Middle Eastern producers can’t meet anyway with the Strait of Hormuz shut and a significant share of output shut-in because of a lack of enough export outlets.
Kazakhstan’s huge Tengiz field wasforced to shut downin January, following a fire at the site that damaged critical power supply.
The pace of the ramp-upwas sloweddue to severe storms in the Black Sea terminal of the Caspian Pipeline Consortium (CPC), which handles most of Kazakhstan’s crude oil exports.
To boost supply to the market clamoring for oil that doesn’t move through the Strait of Hormuz, Kazakhstan plans to use the spare capacity on the Baku-Tbilisi-Ceyhan (BTC) pipeline for oil exports from the Turkish Mediterranean port of Ceyhan.
“BTC already exists, and it would not be logical not to use it.
Today, BTC is one of the key routes for Kazakhstan,” minister Akkenzhenovsaidearlier this month.
Moreover, Kazakhstan’s supply will be further boosted this summer after the North Caspian Operating Company, the operator of the giant Kashagan oilfield,announcedlast week that the planned field maintenance would be pushed back by a year to 2027.
China Begins Tapping Oil Stockpiles as Middle East Crisis Drags On Solar Tops Coal in U.S.
Power Mix for the First Month Ever What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Oil Prices Jump After U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment