- National interests take priority over OPEC+ interests when it comes to oil output levels.
- Kazakhstan cannot reduce oil output from old oilfields, as it would destroy them.
- Cannot order oil majors to cut output either.
- We will support oil output increase at the Chevron-led Tengiz field.
- No major maintainance planned at Caspian pipeline this year.
- Kazakhstan is able to increase oil supplies to Germany via Russia, depending on position of Moscow.
This is weighing on crude oil prices on higher supply fears, but in the bigger picture I think the direction hinges on trade negotiations progress.
