BAKU, Azerbaijan, Feb. 11
By Nargiz Sadikhova - Trend:
Kazakhstan’s liquids production in December was flat at an average of 1.68 million barrels a day, which is down by 0.21 million barrels a day year-on-year, Trend reports citing OPEC’s Monthly Oil Market Report (MOMR).
The report said that Kazakhstan’s preliminary liquids output in January 2021 is likely to decline to 1.61 million barrels a day.
Kazakhstan’s liquids production in 2020 is estimated to have declined by 0.11 million barrels a day, to an average of 1.71 million barrels a day, mainly due to the voluntary production adjustments.
For 2021, production is forecast to be flat year-on-year at 1.71 million barrels a day. This supply forecast is based on the new voluntary production adjustments from the January Ministerial Meeting of the OPEC+ countries.
On the morning of March 9, 2020, Brent crude plunged by 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