Oil Major Chevron Could Be Forced To Cut Oil Production In Kazakhstan

Kazakhstan is in talks with the companies operating its two sizeable offshore oil projects to reduce total output by 22 percent in compliance with the latest OPEC+ production cut agreement. The Central Asian country’s cut quota under the OPEC+ deal was 390,000 bpd, from a total daily production of some 1.3 million bpd, most it coming from the Tengiz and Kashagan fields in the Caspian Sea, which last year accounted for a combined daily output of 900,000 barrels of crude. The situation is atypical since a supermajor leads the consortia…