BAKU, Azerbaijan, Dec. 7
By Nargiz Sadikhova - Trend:
Kazakhstan’s oil extraction forecast is 1.575 million barrels a day for 2021 and 1,644 million barrels a day for 2022, J.P.Morgan’s oil market weekly report said, Trend reports citing the report.
Thus, the J.P.Morgan’s forecast said that taking into consideration the renewed OPEC+ agreements, Kazakhstan’s 1Q2021 oil output forecast is 1.557 million barrels a day, for 2Q2021 is 1.567 million barrels a day, 1.580 million barrels a day for 3Q2021, and 1.596 million barrels a day for 4Q2021.
Furthermore, Kazakhstan’s 2022 oil output forecast is 1.702 million barrels a day for 1Q2022, 1.634 million barrels a day for 2Q2022, 1.596 million barrels a day for 3Q2022, and 1.645 million barrels a day for 4Q2022.
On the morning of March 9, 2020, Brent crude plunged 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.
On Dec. 3, 2020, the meeting of the energy ministers of OPEC+ countries took place in a video format. Within the framework of the meeting, Kazakhstan’s new liabilities within the framework of the OPEC+ deal in 2021 were defined as 1.417 million barrels per day
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