Kazakhstan is in talks with the companies operating its two sizeable offshore oil projects to reduce total output by 22 percent in compliance with the latest OPEC+ production cut agreement. The Central Asian country’s cut quota under the OPEC+ deal was 390,000 bpd, from a total daily production of some 1.3 million bpd, most it coming from the Tengiz and Kashagan fields in the Caspian Sea, which last year accounted for a combined daily output of 900,000 barrels of crude. The situation is atypical since a supermajor leads the consortia that operate Tengiz and Kashagan. The majority partner in Tengizchevroil, which operates the Tengiz field, is U.S. Chevron, which is also a partner in the North Caspian Operating Company, developing Kashagan. Until now, the two companies have not been involved in production cuts. This time, however, they were not just asked, but are about to agree to the cuts, […]