EIA reveals Kazakhstan's 2021 oil extraction forecast

EIA reveals Kazakhstan's 2021 oil extraction forecast

BAKU, Azerbaijan, Jan. 13

By Nargiz Sadikhova – Trend:

Kazakhstan has been extracting 1.86 million barrels a day of oil and other liquids in 2020 as compared to 1.85 million barrels a day forecast in the previous report, Trend reports with reference to the January Short-term Energy Outlook (STEO) of US Energy Information Administration (EIA).

The EIA said that Kazakhstan has been extracting 2.06 million barrels a day in 1Q2020, and 1.86 million barrels a day in 2Q2020, 1.71 million barrels a day in 3Q2020 and 1.81 million barrels a day in 4Q2020.

Furthermore, EIA also said that the expected oil extraction volume of Kazakhstan is 1.87 million barrels a day for 2021 and 1.98 million barrels for 2022.

Thus, EIA forecasts that Kazakhstan will be extracting 1.83 million barrels a day in 1Q2021, 1.86 million barrels a day in 2Q2021, 1.88 million barrels a day in 3Q2021 and 1.89 million barrels a day in 4Q2021.

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 Jan. 5, 2020 Kazakhstan’s Minister of Energy Nurlan Nogayev took part in the meeting of the OPEC+ member countries held in the video format. Kazakhstan’s latest liabilities for crude oil extraction volume will be 1.427 million barrels a day and 1.437 million barrels a day in Feb. and Mar. 2021 respectively.

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Follow the author on Twitter: @nargiz_sadikh

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