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EIA increases forecast for oil extraction in Kazakhstan

Oil&Gas Materials 12 May 2021 12:37 (UTC +04:00)
EIA increases forecast for oil extraction in Kazakhstan

BAKU, Azerbaijan, Apr. 12

By Nargiz Sadikhova – Trend:

Kazakhstan will be extracting 1.89 million barrels a day of oil and other liquids in 2Q2021 (1.88 million barrels a day in April's report), Trend reports with reference to the May Short-term Energy Outlook (STEO) of the US Energy Information Administration (EIA).

The EIA said that Kazakhstan is expected to extract 1.88 million barrels a day in 3Q2021, 1.93 million barrels a day in 4Q2021, thus making up the overall of 1.89 million barrels a day for 2021.

The EIA also noted that Kazakhstan’s oil extraction in 1Q2021 amounted to 1.87 million barrels a day.

Furthermore, the EIA forecasts that Kazakhstan’s liquids output will equal 1.98 million barrels a day for 2022.

The EIA said that Kazakhstan has been extracting 2.06 million barrels a day in 1Q2020, and 1.86 million barrels a day in 2Q2020, 1.71 million barrels a day in 3Q2020, and 1.81 million barrels a day in 4Q2020.

The annual 2020 liquids production in Kazakhstan stood at 1.86 million barrels a day, the report said.

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 obligations under OPEC + will result in decrease of 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.

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