BAKU, Azerbaijan, Mar. 25
By Nargiz Sadikhova - Trend:
Kazakhstan’s average compliance to the OPEC+ deal on oil production cuts is 87 percent, International Energy Agency’s (IEA) calculations based on preliminary data said, Trend reports citing the IEA.
The IEA report noted that Kazakhstan’s oil supply in January and February 2021 was 1.42 million barrels per day and 1.54 million barrels per day respectively, and the February compliance to the deal was 58 percent.
In turn, Kazakhstan's oil production target for January 2021 is set at 1.42 million barrels per day, the report said. The February 2021 oil production target is 1.43 million barrels per 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.
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