BAKU, Azerbaijan, June 11
By Nargiz Sadikhova - Trend:
Kazakhstan’s average compliance to the OPEC+ deal on oil production cuts was 81 percent in May 2021, 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 April and May 2021 was 1.53 million barrels per day and 1.51 million barrels per day respectively.
In turn, Kazakhstan's oil production target for June 2021 is set at 1.47 million barrels per day, the report said. The July 2021 oil production target is 1.48 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 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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