BAKU, Azerbaijan, Jul. 10
By Nargiz Sadikhova - Trend:
Kazakhstan’s oil extraction, excluding condensate, amounted to 5.3 million tons in Jun. 2020, preliminary data said, Kazakhstan’s Ministry of Energy told Trend.
The ministry official noted that the June’s oil extraction volumes were in line with OPEC+ agreements. They also said that oil output from Jan. through Jun. 2020 was 38.4 million tons.
Talking the 2020 oil extraction forecast the official said that currently, the ministry is working on revising forecast indicators for 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.
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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