BAKU, Azerbaijan, June 11
By Nargiz Sadikhova - Trend:
Kazakhstan’s liquids production in April 2021 fell month-on-month by 0.03 million barrels a day to average 1.83 million barrels a day, Trend reports citing OPEC’s Monthly Oil Market Report - June 2021.
In April, NGLs and condensate output declined month-over-month by 35,000 barrels a day to average 0.33 million barrels a day, but output is expected to come back in May.
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 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 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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