BAKU, Azerbaijan, Apr.13
By Nargiz Sadikhova - Trend:
Kazakhstan has supported a consensus in OPEC+ agreement, Trend reports with reference to Kazakhstan’s Ministry of Energy.
The extraordinary meeting pf OPEC+ ministers was held on Apr. 12, 2020.
As noted by Kazakhstan’s Energy Minister Nurlan Nogayev during the meeting, Kazakhstan, just like before, remains committed to a constructive dialogue, and given current difficult situation on the global market is ready to participate in a collective reduction of oil production.
Thus, following the meeting, 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.
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.
---
Follow the author on twitter: @nargiz_sadikh