Kazakhstan's Energy Minister says 2026 oil production is seen between 96-98mln tonnes, below its plan
Newsquawk Staff ·
Kazakhstan's Energy Minister says 2026 oil production is seen between 96-98mln tonnes, below its plan.
What it means
Kazakhstan's Energy Minister indicating that oil production in 2026 may fall between 96-98 million tonnes, which is below their initial target, suggests potential supply constraints. This lower production forecast could support oil prices, particularly if global demand remains robust, amplifying concerns about supply in the context of ongoing geopolitical tensions and recovery efforts.
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
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