BAKU, Azerbaijan, May 13
By Nargiz Sadikhova – Trend:
Total liquids production is forecast to decline by 0.17 million barrels a day in Kazakhstan to 2020 average 1.65 million barrels a day, Trend reports with reference to OPEC’s Monthly Oil Market Report (MOMR).
The report said that Kazakhstan’s liquids output in March decreased by 0.03 million barrels a day to average 1.89 million barrels a day, higher by 0.06 million barrels a day year-on-year.
“In March, while crude oil production declined by 30,000 barrels a day to average 1.63 million barrels a day, up by 73,000 barrels a day year-on-year, NGL output remained flat month-on-month at 0.27 million barrels a day, and flat year-on-year. Kazakhstan’s oil production in 2019 is not estimated to have grown year-on-year due to heavy maintenance,” the OPEC report 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.
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.
---
Follow the author on twitter: @nargiz_sadikh