BAKU, Azerbaijan, Apr. 7
By Nargiz Sadikhova – Trend:
Kazakhstan will take part in meeting of ministers of OPEC and countries outside the cartel (OPEC+) scheduled for April 9, 2020, Trend reports with reference to Kazakhstan’s Ministry of Energy.
“Kazakhstan has always been committed to constructive dialogue, fulfilling its obligations under the OPEC+ agreement. We hope to achieve positive results following the upcoming negotiations. Moreover, current imbalance on the global oil market suggests that efforts of OPEC + countries alone will not be enough, and the situation requires active participation of all market participants,” the ministry 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.
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.
The latest liabilities of Kazakhstan within the agreement were 1.843 million barrels a day.
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