Kazakhstan Overtakes Iraq as the Biggest Over-Producer of oil

Kazakhstan Overtakes Iraq as the Biggest Over-Producer of oil

Astana/Kazakhstan, January 12: Kazakhstan has overtaken Iraq to become the biggest over-producer of oil among the OPEC countries. The output rendered by this Caspian Sea nation has been increasing steadily over the last few years as the Kashagan Oil Field, an offshore oil field located in Kazakhstan’s zone of the Caspian Sea, augmented their oil production.

Kazakhstan’s economy minister has announced that the country’s total oil production reached 86.2 million metric tons, climbed a whopping 10.5 percent in the year 2017. He said on Thursday that country’s output was 130,000 barrels over the daily target set by The Organization of the Petroleum Exporting Countries (OPEC) in last November and December.

Earlier, the government of Kazakhstan had pledged to pump 20,000 barrels less than the amount agreed under the landmark deal signed in late 2016, per day.

Iraq, on the other hand, was pumping way above its agreed target, the country pumped an extra of 70,000 barrels daily in December. Although, the production has fallen drastically since the summer.

Kazakhstan’s Kashagan is the largest oil field outside of the Middle East.