Kazakhstan Oil Buyers Demand More Supply as Hormuz Closure Tightens Market

AI Summary

Kazakhstan's energy minister stated that oil buyers are demanding increased crude supplies due to market tightening caused by the Strait of Hormuz closure. Infrastructure limitations within Kazakhstan constrain supply expansion despite high demand.

Customers buying oil from Kazakhstan are urging the OPEC+ producer to ramp up crude supply and deliver the maximum available volumes, Kazakhstan’s Energy Minister Yerlan Akkenzhenov said on Wednesday. “In light of restrictions in the Strait of Hormuz, our partners are asking us to increase supplies,” Reuters quoted Akkenzhenov as telling reporters in Astana today. “They are asking for the maximum,” the minister said, but added that “Naturally, we have infrastructure constraints within the limits of Kazakhstan’s…