Kazakhstan Energy Minister says it plans to produce up to 40mln tons of oil in 2026
Newsquawk Staff ·
Kazakhstan Energy Minister says it plans to produce up to 40mln tons of oil in 2026.
What it means
Kazakhstan's plan to ramp up oil production to 40 million tons by 2026 indicates a significant supply-side driver that could affect global oil prices, particularly WTI. As OPEC+ navigates production limits, this move may add pressure to the delicate balance of supply and demand, potentially influencing inflation and currency valuations linked to energy-dependent economies.
- CRUDE WRAP: WTI (Z6) SETTLES USD 2.32 HIGHER AT 99.47/BBL; BRENT (Z6) SETTLES USD 4.35 HIGHER AT USD 113.17/BBL
- Russian Cabinet says gasoline and diesel production has increased on the Russian market and stocks are being formed, TASS reports; Deputy PM Novak notes positive dynamics in the Russian fuel market
- Russian Envoy Dmitriev says restarting of the Nord Stream in inevitable, IFX reports
- Iraq is looking to charter tankers to ship fuel oil outside of the Strait of Hormuz
- An Aramco facility in Saudi Arabia is on fire, Sabereen News reports; post includes a video
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