IEA talks Kazakhstan's OPEC+ deal compliance, says oil production remains unchanged

Oil&Gas Materials 19 January 2021 16:12 (UTC +04:00)
IEA talks Kazakhstan's OPEC+ deal compliance, says oil production remains unchanged

BAKU, Azerbaijan, Jan. 19

By Nargiz Sadikhova - Trend:

Kazakhstan’s crude and condensate production in December were largely unchanged at around 1.75 million barrels a day, of which 1.44 million barrels a day was crude, Trend reports citing the January’s Oil Market Report of International Energy Agency (IEA).

Compliance with the OPEC+ deal held at 85 percent, according to IEA calculations.

“Loading schedules of Caspian Pipeline Consortium suggested relatively stable output in January, before poor weather caused power outages and production shut-ins, potentially boosting Kazakh compliance,” the report said.

The report said that Kazakhstan’s average compliance to the OPEC+ agreement is 89 percent so far. The report also noted that Kazakhstan’s target crude oil production is 1.42 million barrels per day for Jan. 2021 and 1.75 million barrels for Feb. 2021.

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.


Follow the author on Twitter: @nargiz_sadikh