Kazakhstan’s state energy company KazMunayGaz raised on Tuesday its forecast for oil output at the Chevron-led CVX Tengiz oilfield, the country’s largest, to 35.7 million metric tons in 2025 from 34.8 million tons expected previously, as it boosts output.

Kazakhstan, among the world’s biggest 10 oil producers, has persistently exceeded quotas set by OPEC+, an alliance between the Organization of the Petroleum Exporting Countries and other producers led by Russia, mostly due to the ramp-up at Tengiz.

Kazakhstan officials said the state had informed the group that it had no plans to cut back its output.

Tengizchevroil (TCO), operator of the field, increased oil output at Tengiz by 25% in the first quarter of 2025 to 74.5 million barrels, or 9.37 million metric tons.

Its output in January to May reached 15.9 million tons, according to KazMunayGaz.

TCO is owned by Chevron with a 50% stake, ExxonMobil XOM with 25%, KazMunayGaz 442AC with 20%, and Lukoil LKOH with 5%.
Source: Reuters