BAKU, Azerbaijan, September 14
By Nargiz Sadikhova - Trend:
Kazakhstan’s compliance to the OPEC+ agreement was 196 percent in August 2021, Trend reports citing the Oil Market Report of International Energy Agency.
Kazakh output tumbled 250,000 barrels a day in August due to maintenance and, at 1.28 million barrels per day, was 210,000 barrels per day below its slightly higher August OPEC+ quota. Scheduled work at the Tengiz oil field began on 1 August and was set to finish on 10 September.
As it seeks to develop its oil and gas reserves with the help of foreign investors, Kazakhstan plans to hold its third licensing round on 19 November.
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.
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