BAKU, Azerbaijan, Dec. 15
By Nargiz Sadikhova - Trend:
Kazakhstan’s average compliance to the OPEC+ deal on oil production cuts is 89 percent, IEA calculations based on preliminary data said, Trend reports citing the IEA.
The IEA report noted that Kazakhstan’s oil supply in October and November 2020 was 1.44 million barrels per day each month, and the November compliance to the deal stood at 87 percent.
In turn, Kazakhstan's oil production target for January 2021 is set at 1.42 million barrels per day, the report said.
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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