BAKU, Azerbaijan, Dec. 4
By Nargiz Sadikhova - Trend:
Kazakhstan’s liabilities within the framework of OPEC+ deal in 2021 will be 1.417 million barrels per day, Kazakhstan’s Minister of Energy Nurlan Nogayev said, Trend reports citing the ministry.
On Dec. 3, 2020, the meeting of the energy ministers of OPEC+ countries took place in a video format. Nogayev took part in the meeting representing Kazakhstan.
Nogayev noted during the meeting that the OPEC+ deal positively affects global oil industry, provides for balance of supply and demand, and overall helps to stabilize the oil and petroleum products market.
Following the meeting the ministers agreed to increase allowed cumulative oil output by 500,000 barrels per day in 2021. The overall restriction for member-countries will be 7.2 million barrels per day compared to the base level of oil extraction.
The parties also agreed to hold monthly meetings starting Jan. 2021 to discuss and review the current situation at the oil market and to introduce amendments to the deal, if needed.
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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