Kazakhstan's Reluctance to Cut Output Pressures Crude -- Market Talk

Dow Jones04-23

1034 ET - Oil futures are lower after Reuters reports that Kazakhstan, an overproducer in the OPEC+ group, says it can't cut output at its large foreign major-operated fields and will put its national interest first in deciding production levels. The accelerated unwinding of cuts coming in May by OPEC and its allies is expected to be offset by compensation from members that have produced above their agreed levels. "The overproduction appears to be here to stay and there will now be a heavy focus on OPEC+'s response moving forward," Alex Hodes of StoneX says in a note. WTI is down 1.9% at $62.46 a barrel, and Brent falls 1.8% to $66.21 a barrel. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

April 23, 2025 10:35 ET (14:35 GMT)

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The accelerated unwinding of cuts coming in May by OPEC and its allies is expected to be offset by compensation from members that have produced above their agreed levels. \"The overproduction appears to be here to stay and there will now be a heavy focus on OPEC+'s response moving forward,\" Alex Hodes of StoneX says in a note. WTI is down 1.9% at $62.46 a barrel, and Brent falls 1.8% to $66.21 a barrel. 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The accelerated unwinding of cuts coming in May by OPEC and its allies is expected to be offset by compensation from members that have produced above their agreed levels. \"The overproduction appears to be here to stay and there will now be a heavy focus on OPEC+'s response moving forward,\" Alex Hodes of StoneX says in a note. WTI is down 1.9% at $62.46 a barrel, and Brent falls 1.8% to $66.21 a barrel. 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