Kazakh oil production at record level also in March – Commerzbank

Kazakhstan's oil production is said to have risen to a new record level in March, Reuters reported, citing informed sources, Commerzbank's commodity analyst Carsten Fritsch notes.

Oil exports can fall by more than half

"According to the report, crude oil production rose to 1.88 million barrels per day, moving further away from the agreed production volume. This was 1.43 million barrels per day in March, taking into account the compensatory cuts agreed. Oil supply from Kazakhstan is likely to decline in April."

"The Russian authorities have suspended the operation of two berths at an export terminal on the Black Sea, which are needed for loading Kazakh oil into oil tankers. Damage to the infrastructure following a Ukrainian drone attack is blamed for this. According to trading sources quoted by Reuters, oil exports could fall by more than half if the closure were to last longer."