Kazakhstan stands for consensus on OPEC+ deal

Oil&Gas Materials 11 March 2020 12:11 (UTC +04:00)
Kazakhstan stands for consensus on OPEC+ deal
Kazakhstan stands for consensus on OPEC+ deal

BAKU, Azerbaijan, March 11

By Nargiz Sadikhova - Trend:

Kazakhstan stands for consensus on OPEC+ deal, Kazakhstan’s Ministry of Energy Nurlan Nogayev said, Trend reports with reference to Kazakh media.

Nogayev said that Kazakhstan will participate in the OPEC joint technical committee meeting to be held on March 18, 2020.

“Kazakhstan is interested in stable oil prices. We all understand that where there is agreement, where there is mutually agreed action, there is always the opportunity to determine the future. We are for the decision to satisfy all parties,” Nogayev said.

Nogayev said previously that Kazakhstan is planning to maintain previously approved plan for oil extraction volume in 2020.

On the morning of March 9, 2020, Brent crude plunged 25 percent dropping to its lowest since February 2016 and recording 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.

At the end of 2018, OPEC and a number of non-affiliated countries (Kazakhstan being one of them) 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 has supported the decision to reduce oil extraction by additional 500,000 barrels a day within the framework of OPEC+ agreement under the decision made during the 7th OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria, on Dec. 6, 2019.

Thus, latest liabilities of Kazakhstan within the agreement are 1.843 million barrels a day compared to 1.86 million barrels a day previously.


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