Price for Kazakh crude oil down on background of OPEC outlook

The price for Kazakh crude oil CPC Blend is on a declining trajectory against the background of the OPEC forecast, Kazinform News Agency correspondent reports.

The price for Kazakh crude oil CPC Blend, transported through the Caspian Pipeline Consortium, has been on decline, as OPEC had cut its demand outlook.

In its monthly report, OPEC said the world oil demand would rise by 2.03 million barrels per day (bpd) in 2024, down 80,000 barrels than its forecast in August. The group also lowered its 2025 estimate to 1.74 million bpd, down by 40,000 barrels.

Also, the volume the alliance must produce to balance the market was reduced by 100,000 bpd.

In late August, Kazakhstan reaffirmed its commitment to OPEC+ regarding its obligations to compensate for overproduction of oil. Prime Minister Olzhas Bektenov of Kazakhstan confirmed the country's commitment to the cooperation with OPEC during his meeting with Secretary General Haitham Al Ghais.