BAKU, Azerbaijan, Mar. 5
By Nargiz Sadikhova - Trend:
Kazakhstan will increase oil extraction volumes within the OPEC+ agreement, Trend reports citing Kazakhstan’s Ministry of Energy.
The decision was made during the ministerial meeting of OPEC+ countries held on Mar. 4, 2021 in a video format.
Following the end of the meeting, the countries participating in the agreement decided to extend the current level of oil production cuts to April 2021. At the same time, Kazakhstan and Russia will reduce extraction by 20,000 and 130,000 barrels per day, respectively.
Thus, obligations for Kazakhstan under OPEC+ in April will amount to 1.457 million barrels per day, or decrease of 15 percent compared to the base level.
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.
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 1.457 million barrels a day in April 2021.
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