EIA forecasts increase of oil output in Kazakhstan
Baku, Azerbaijan, August 7
By Nargiz Sadikhova – Trend:
Kazakhstan is expected to produce 1.97 million barrels of oil and other liquids per day in 2019, Trend reports with reference to the August Short-term Energy Outlook (STEO) of US Energy Information Administration (EIA).
Furthermore, according to EIA’s forecasts, this figure is expected to increase to 2.02 million barrels per day in 2020.
“Kazakhstan has been producing 2.03 million and 1.86 million barrels of petroleum and other liquids per day during the first and second quarters of 2019, respectively,” the report said.
EIA forecasts that the petroleum production of Kazakhstan will amount to 1.93 million barrels per day in 3Q2019 and to 2.02 million barrels per day in 4Q2019.
“EIA also estimates that Kazakhstan’s petroleum production will be 2.02 million barrels per day in 1Q2020, 1.98 million barrels per day in 2Q2020, 2.01 million barrels per day in 3Q2020 and 2.05 million barrels per day in 4Q2020,” the statement said.
In conclusion, EIA estimates that Kazakhstan’s daily petroleum and other liquids production stood at 1.96 million barrels as of 2018.
At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.
A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.
Kazakhstan’s responsibility within the agreement is to keep the extraction at the level of 1.86 million barrels a day.
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