BAKU, Azerbaijan, Nov. 11
By Nargiz Sadikhova - Trend:
Kazakhstan’s preliminary liquids production in October shows a decrease of 0.02 million barrels a day month-on-month to average 1.53 million barrels a day, down by 0.31 million barrels a day year-on-year, Trend reports citing OPEC’s Monthly Oil Market Report - November 2020.
Liquids output in 3Q2020 averaged at 1.58 million barrels a day, down by 0.14 million barrels a day quarter-on-quarter, and showed a decline of 0.32 million barrels a day compared to 1Q2020.
Crude oil production in October declined by 26,000 barrels a day month-on-month to average 1.32 million barrels a day, while NGLs output rose by 10,000 barrels a day to average 0.21 million barrels a day. NGLs output in February 2020 was pegged at 274,000 barrels a day, a record high.
Kazakhstan’s liquids production in 2020 is expected to decline by 0.12 million barrels a day, to average 1.69 million barrels a day. By 2021, production is forecast to decline by 0.02 million barrels a day, year-on-year to average 1.68 million barrels a day.
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.
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