The Organization of the Petroleum Exporting Countries (OPEC) reported on Wednesday that Kazakhstan led a significant increase in production in February by OPEC+, highlighting the challenge the group faces in meeting agreed production targets.
In a monthly report, OPEC stated that OPEC+ — which includes Russia and other allies — increased production in February by 363,000 barrels per day (bpd), reaching 41.01 million bpd, with Kazakhstan at the forefront.
This increase more than doubles the planned rise of 138,000 bpd in OPEC+ production starting in April, as the group gradually withdraws its latest series of cuts. The planned output increase, along with concerns about trade tariffs, has put downward pressure on oil prices.
Kazakhstan, the world's largest landlocked country, has been producing at a record level, well above its OPEC+ quota, as U.S. oil company Chevron expands extraction at Kazakhstan's largest oil field, Tengiz.
According to OPEC data collected from secondary sources, Kazakhstan produced 1.767 million bpd of crude in February, compared to 1.570 million bpd in January. Kazakhstan's OPEC+ quota is 1.468 million bpd.
OPEC data also showed that other OPEC+ countries, such as the United Arab Emirates, Nigeria, and Gabon, pumped above their quotas, but in much smaller amounts.
Oil prices rose about 2% following the release of the OPEC report.
Also in the report, OPEC maintained its stable forecasts for global oil demand growth, projecting an increase of 1.45 million bpd in 2025 and 1.43 million bpd in 2026.
