BAKU, Azerbaijan, May 12
By Nargiz Sadikhova - Trend:
Kazakhstan’s oil output amounted to 31.3 million tons over the period from Jan. to Apr. 2020, which is 102.6 percent of the plan and 106 percent of the corresponding period in 2019, Kazakhstan’s Minister of Energy Nurlan Nogayev said, Trend reports with reference to the press office of Kazakhstan’s prime minister.
The minister said that oil production increase at the Tengiz oil and gas field amounted to 4.1 percent, at Kashagan to 11.5 percent, and at Karachaganak the production output remained flat.
The volume of oil refining amounted to 5.2 million tons, which is 96.3 percent of the plan.
“This is due to the suspension of activities at the Pavlodar oil refinery for planned repair works in April,” Nogayev explained.
Nogayev added that the work of the Kazakh oil refineries was positively influenced by the decisions regarding the import of fuels and lubricants from Russia, ensuring the export of fuel and lubricants from Kazakhstan to the countries of near and far abroad, the regulation of customs duties and excises, the purchase of gasoline and diesel fuel in state material reserve.
Oil exports amounted to 25.3 million tons, which is 115 percent of the plan. Gas production amounted to 20.2 billion cubic meters, which is 103 percent of the plan. Natural gas exports amounted to 5.6 billion cubic meters.
The electricity output was 37.1 billion kWh over the first four months of 2020.
“To date, the heating season has been completed in all regions. The season passed without major accidents,” Nogayev informed.
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.
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