Oil turned lower after Kazakhstan said it will prioritize national interests over those of the OPEC+ alliance, a move that risks fueling further tensions within the cartel.

Overnight saw prices rally after bigger than expected inventory drawdowns reported by API in the US, but that was all erased this morning as&nbsp;Kazakhstan’s newly appointed energy minister Erlan Akkenzhenov said the country is not able to reduce production at its three largest projects as they are controlled by international oil majors, Reuters reported.

He said the country will prioritize its national interests over commitments to the OPEC+ alliance.

The move lower shows just how overly sensitive financial markets have become in recent months. Kazakhstan has been 'over-producing' for years with OPEC unable to control them... but suddenly it's an issue?

...will prioritize its national interests over commitments to the OPEC+ alliance
{ai:summary}Oil prices declined after Kazakhstan announced it would prioritize national interests over OPEC+ commitments, raising tensions within the alliance. This shift came after a brief rally due to unexpected inventory drawdowns in the US.Kazakhstan's energy minister stated that the country cannot reduce production at its major projects, which are controlled by international firms. This highlights the growing sensitivity of financial markets to OPEC+ dynamics. #economy

Oil Prices Drop As Kazakh Chaos Threatens OPEC Alliance

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