Kazakhstan’s June crude oil production down month-on-month
BAKU, Azerbaijan, Aug. 12
By Nargiz Sadikhova - Trend:
Kazakhstan’s crude oil production in June declined by 132,000 barrels a day month-on-month to average 1.42 million barrels a day, Trend reports with reference to OPEC’s Monthly Oil Market Report.
The OPEC report said that Kazakhstan’s preliminary liquids production in July shows a decrease of 0.08 million barrels a day month-on-month to average 1.49 million barrels a day, lower by 0.40 million barrels a day year-on-year.
“The final liquids output in June was at 1.57 million barrels a day, a decline of 0.13 million barrels a day month-on-month. With final data for June, 2Q20 was revised up by 24,000 barrels a day, leading to an upward revision in supply of 6,000 barrels a day to 1.68 million barrels a day, still showing a contraction by 0.14 million barrels a day year-on-year,” the report said.
The OPEC said that crude oil production in June declined by 132,000 barrels a day month-on-month to average 1.42 million barrels a day following a decline of 185,000 barrels a day in May month-on-month, according to Nefte Compass.
“Preliminary crude oil production in July indicates lower output, at 1.25 million barrels a day, representing a drop of 78,000 barrels a day month-on-month. For 2021, Kazakhstan’s production is forecast at 1.68 million barrels a day to remain flat year-on-year,” the OPEC report said.
On the morning of March 9, 2020, Brent crude plunged 25 percent dropping to its lowest since February 2016 and recording the biggest one-day percentage declines since Jan. 17, 1991.
Trading volumes in the front-month hit record highs in the previous session after a three-year pact between Saudi Arabia and Russia and other major oil producers to limit supply fell apart on March 6, 2020.
The extraordinary meeting of OPEC+ ministers was held on Apr. 12, 2020, following which the agreement to reduce oil production by 9.7 million barrels a day was signed for the period of two months starting from May 1, 2020.
Kazakhstan, in its turn, has supported the consensus in the agreement having taken the liability to decrease oil production by 390,000 barrels a day. In Jun. 2020 the agreement was extended on the same conditions.
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