Kazakhstan: Oil production levels are determined by national interests, not by OPEC +

Kazakhstan will prioritise national interests over those of the OPEC + group when deciding on the level of oil production, Erlan Akkenzhenov, Kazakhstan's newly appointed energy minister, said on April 23. WTI crude oil fell by $0.40 at one point. Several other members of the OPEC + group, including top producer Saudi Arabia, are angry about the increase in Kazakh output, three OPEC + sources said last month. The Kazakh minister also said the country could not reduce oil production from its three big oil-producing projects because they are controlled by foreign oil majors. "Act in the national interest. It's a broad formulation, but it completely covers the whole situation we have now. Act only in the national interest," Akkenzhenov said.