BAKU, Azerbaijan, Feb. 10
By Nargiz Sadikhova – Trend:
Kazakhstan will be extracting 1.83 million barrels a day of oil and other liquids in 1Q2021, Trend reports with reference to the January Short-term Energy Outlook (STEO) of US Energy Information Administration (EIA).
The EIA said that Kazakhstan is expected to extract 1.87 million barrels a day in 2Q2021, 1.88 million barrels a day in 3Q2021, 1.92 million barrels a day in 4Q2021, thus making up the overall of 1.87 million barrels a day for 2021.
Furthermore, the EIA forecasts that Kazakhstan’s liquids output will equal 1.98 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.
On Jan. 5, 2020, Kazakhstan’s Minister of Energy Nurlan Nogayev took part in the meeting of the OPEC+ member countries held in the video format. Kazakhstan’s latest liabilities for crude oil extraction volume will be 1.427 million barrels a day and 1.437 million barrels a day in Feb. and Mar. 2021 respectively.
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