BAKU, Azerbaijan, Mar. 12
By Nargiz Sadikhova - Trend:
Kazakhstan’s liquids production in February 2021 was up by 0.02 million barrels a day, month-on-month, (preliminary) to average 1.79 million barrels a day, which is down by 0.24 million barrels a day year-on-year, Trend reports citing the OPEC Monthly Oil Market Report - March 2021.
The report said Kazakhstan’s liquids production in 2020 is estimated to have declined by 0.10 million barrels a day, to average 1.83 million barrels a day, while for 2021, production is forecast to be flat year-on-year at 1.83 million barrels a day.
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.
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