BAKU, Azerbaijan, Aug. 12
By Nargiz Sadikhova – Trend:
Kazakhstan was extracting 1.86 million barrels a day of oil and other liquids in 2Q2020 compared to the forecast 1.87 million barrels in July’s Outlook, Trend reports with reference to the August Short-term Energy Outlook (STEO) of US Energy Information Administration (EIA).
EIA’s report said that Kazakhstan will be producing 1.89 million barrels of oil and other liquids per day in 2020 compared to forecast 1.90 million barrels a day in July outlook.
The EIA said that Kazakhstan has been extracting 2.06 million barrels a day in 1Q2020, and will be extracting 1.77 million barrels a day in 3Q2020 (1.79 million barrels a day in the previous forecast) and 1.87 million barrels a day in 4Q2020 (1.89 million barrels a day in the previous forecast).
EIA also said that the expected oil extraction volume of Kazakhstan in 2021 is 1.95 million barrels a day (1.95 million barrels a day in in the previous forecast).
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. In Jun. 2020 the agreement was extended on the same conditions.
---
Follow the author on twitter: @nargiz_sadikh