Kazakhstan boosts oil exports amid global supply crisis

The report forecasts global oil demand will decline by 420,000 barrels per day in 2026, falling to 104 million barrels per day as higher prices, weaker economic conditions, and supply disruptions weigh on consumption. The petrochemical and aviation sectors are currently among the hardest hit.

Global oil supply has also suffered significant losses. Production from Gulf countries affected by the Strait of Hormuz disruption dropped sharply, contributing to a projected global supply decline of 3.9 million barrels per day this year.

Amid the crisis, Kazakhstan has emerged as one of the countries increasing exports to help stabilize global markets.

According to the report, crude exports from the Atlantic Basin to East of Suez markets have risen by 3.5 million barrels per day since February, with “notable gains from the United States, Brazil, Canada, Kazakhstan and Venezuela.”

The report noted that producers outside the Middle East have boosted output in response to supply shortages, while commercial and strategic reserves are also being used to offset losses.

Oil prices have experienced dramatic swings in recent months. North Sea Dated crude traded within a nearly US$50-per-barrel range in April, amid uncertainty surrounding a possible agreement between the United States and Iran to reopen the Strait of Hormuz.

At the same time, refinery activity worldwide has slowed significantly, while major Asian economies, including China, Japan, South Korea and India, sharply reduced crude imports due to market instability and lower refining demand.

Analysts warn that further price volatility remains likely ahead of the peak summer demand season as global inventories continue to decline at a record pace.

Earlier, Qazinform News Agency reported that Indonesia proposed establishing an ASEAN oil storage hub in Sumatra to strengthen regional energy security amid growing global supply risks.