...

Kazakhstan’s liquids production down in March - OPEC

Oil&Gas Materials 11 May 2021 21:35 (UTC +04:00)
Kazakhstan’s liquids production down in March - OPEC

BAKU, Azerbaijan, May 11

By Nargiz Sadikhova - Trend:

Kazakhstan’s liquids production in March decreased by 0.03 million barrels a day, month-on-month to an average of 1.86 million barrels a day.

In March, crude oil production fell by 21,000 barrels a day to an average of 1.5 million barrels a day, due to the maintenance works at Karachaganak, down by 0.14 million barrels a day year-on-year.

Preliminary data indicates a drop of around 0.1 million barrels a day in crude oil output in April on reduced crude output from the Kashagan field.

Kazakhstan’s liquids production in 2020 is estimated to have declined by 0.10 million barrels a day to an average of 1.83 million barrels a day, while for 2021, production is forecast to grow by a minor 0.01 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 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 obligations under OPEC + will result in a decrease in production by 1.463 million barrels a day in May, 1.469 million barrels a day in June, and 1.475 million barrels a day in July.

---

Follow the author on Twitter: @nargiz_sadikh

Tags:
Latest

Latest