OPEC+ will discuss Kazakhstan's output at the Thursday meeting, sources claim

Two delegates said that eight OPEC+ nations meeting on Thursday, will focus on convincing Kazakhstan to stop exceeding their output quota as well as its plans to compensate overproduction while the group increases gradual production.

Sources have said that the record Kazakh production has angered other members of OPEC+, including Saudi Arabia. OPEC+ has urged the Central Asian nation, as well as other members of the group, to cut further to compensate for excessive production.

One of the delegates stated that the meeting was to inform the new Kazakhstan Minister of the importance of meeting the production requirements and compensating the surplus. Due to the sensitive nature of the issue, both declined to give their names.

The Kazakh Energy Ministry and OPEC didn't immediately respond to a comment request. Erlan Akkenzhenov was appointed as the new energy minister by Kazakhstan's President last month after his predecessor had been named head of the newly formed atomic agency.

In May, eight members of OPEC+ (Organization of Petroleum Exporting Countries plus allies, led by Russia) are expected to increase oil production by 135,000 barrels a day.

Both sources said on Wednesday that the group was expected to move forward with this plan. This follows similar comments made on Tuesday by other OPEC+ delegates.

The May increase is part of a plan that Russia, Saudi Arabia and the UAE have agreed to implement in order to slowly unwind their latest output cut of 2,2 million bpd. This was implemented this month.

OPEC+ has also implemented other production cuts of 3.65 million bpd until the end next year. The Black Sea terminal that handles Kazakhstan's oil imports was ordered by Russia to close two moorings this week. This move is expected to reduce the country's output.

Originally scheduled for April 5, a ministerial committee of OPEC+, which has the authority to recommend changes to the group's production policy, may now meet Thursday. (Editing by Tomasz Jánowski, Additional reporting by Mariya Górdeyeva)

(source: Reuters)