ASTANA, Kazakhstan, March 10. Kazakhstan plans to reduce oil transportation through the Caspian Pipeline Consortium (CPC) infrastructure by 70 percent in March, said Kazakhstan's Deputy Minister of Energy Alibek Zhamauov at a briefing, Trend reports.
"To date, there have been no reductions in oil transportation through the CPC infrastructure from Kazakhstan. The lion's share of Kazakhstan's oil exports goes through this pipeline. However, in March, oil supplies through CPC will be reduced by 70 percent from our volume," he noted.
Zhamauov further articulated that Kazakhstan is strategizing to achieve a production output of 1.5 million barrels of oil per day (bpd) in March, aligning with its stipulated quota under the OPEC+ accord.
OPEC nations possess two-thirds of the global oil reserves. OPEC accounts for about 35–40 percent of global oil production.
Global oil exports consist of 50 percent from OPEC supplies. OPEC+ is a community of countries not part of OPEC but cooperating with the organization and with each other in certain aspects of oil production and export.