BAKU, Azerbaijan, September 9
By Nargiz Sadikhova - Trend:
Kazakhstan will be extracting 1.73 million barrels a day of oil and other liquids in 3Q2021 (compared to forecast 1.86 million in August report), Trend reports with reference to the August Short-term Energy Outlook (STEO) of the US Energy Information Administration (EIA).
The EIA said that Kazakhstan is expected to extract 1.92 million barrels a day in 4Q2021, thus making up the overall of 1.84 million barrels a day for 2021.
The EIA also noted that Kazakhstan’s oil extraction in 1Q2021 and 2Q2021 amounted to 1.87 million barrels a day and 1.86 million barrels a day respectively.
Furthermore, the EIA forecasts that Kazakhstan’s liquids output will equal 1.97 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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