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Kazakhstan Set to Raise Oil Exports Through Turkey, Bypassing Russia
Kazakhstan could sharply increase its crude oil exports out of Turkey’s port of Ceyhan, and dramatically reduce the more than 80% share of flows it currently sends via Russia, Reuters has reported.
According to Kazakhstan Energy Minister Almasadam Satkaliyev, exports via the Baku-Tbilisi-Ceyhan (BTC) pipeline could increase to 20 million metric tons a year from the current 1.5 million as the country increases oil production.
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“There is interest in developing and gradually increasing the volume of Kazakh oil shipments in this direction both on our side and from the Azerbaijani partners,” Satkaliyev told parliament.
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Kazakhstan aims to produce 88.4 million metric tons of crude in the current year (1.82 million barrels per day), down from an original plan of more than 90 million tons reflecting Kazakhstan’s OPEC+ output reduction commitments.
Earlier in the year, Russia, Iraq and Kazakhstan submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d and Kazakhstan 620 kb/d.
According to commodity experts at Standard Chartered, much of the negative sentiment that has dominated oil markets over the past three months can be chalked up to misapprehensions about the tapering mechanism for the voluntary cuts made by eight OPEC+ countries.
Many traders are worried that the balance of oil demand growth and non-OPEC+ supply growth might not offset the scale of restored OPEC+output, leaving oil markets oversupplied. However, this view ignores repeated assurances from OPEC+ that the tapering would be fully dependent on market conditions.
By Alex Kimani for Oilprice.com
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Source: https://oilprice.com/
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