BAKU, Azerbaijan, Dec. 15
By Nargiz Sadikhova - Trend:
Kazakhstan’s preliminary liquids production in November shows an increase of 0.05 million barrels a day, month-on-month, to average 1.68 million barrels a day, down by 0.20 million barrels a day year-on-year, Trend reports citing OPEC's Monthly Oil Market Report - December 2020.
Following a decline of 0.14 million barrels a day quarter-on-quarter, liquids output in 3Q2020 averaged 1.58 million barrels a day. In 4Q2020, oil production is expected to grow by 0.07 million barrels a day to average 1.65 million barrels a day, as the planned maintenance at the Tengiz oil field is now postponed into 2021.
Crude oil production in October and November was flat at 1.40 million barrels a day, while NGLs output in November rose by 41,000 barrels a day to average 0.27 million barrels a day, the same level of January and February 2020.
Kazakhstan’s liquids production in 2020 is expected to decline by 0.11 million barrels a day, to average 1.71 million barrels a day, mainly due to the production adjustment under the agreement in DoC.
For 2021, production is forecast to grow by minor 0.01 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.
On Dec. 3, 2020, the meeting of the energy ministers of OPEC+ countries took place in a video format. Within the framework of the meeting, Kazakhstan’s new liabilities within the framework of the OPEC+ deal in 2021 were defined as 1.417 million barrels per day
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