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Kazakhstan to Lower Production, CPC Exports in April-May

Oil

After exceeding its OPEC/non-OPEC output agreement quota of 1.86M b/d in January-February, Kazakhstan will lower its output to 1.8M b/d in April, according to statements from the country’s Energy Minister cited by Energy Intelligence. Production cuts will come from a planned 45-day maintenance shutdown of the giant Kashagan field in April-May, which is expected to lower the field’s output by about 200K b/d.

By late morning in London, ICE Brent was trading at $67.13/bbl, down $0.73/bbl from the end of Thursday’s trading.