BAKU, Azerbaijan, Feb. 15
By Nargiz Sadikhova - Trend:
Kazakhstan delivered a perfect score within the OPEC+ agreement for the first time ever in January, albeit after weather-related disruptions cut crude output, Trend reports citing the reports of the International Energy Agency (IEA).
The agency’s report said that a higher target and forced shut-ins during January saw Kazakhstan reach full compliance with the OPEC+ deal for the first time.
Crude and condensate production fell by 26,000 barrels a day last month to 1.73 million barrels a day.
“Earlier in January, Kazakhstan cut production by more than 200,000 barrels a day after winter weather-related power outages led to transit disruptions on some pipelines. Excluding condensates, output eased to 1.417 million barrels a day in January from 1.445 million barrels a day in December. Its target rises to 1.427 million barrels a day in February and 1.437 million barrels a day in March,” the report said.
IEA noted that scheduled exports of CPC Blend crude oil from the Black Sea suggest higher Kazakh production in February.
“The preliminary loading schedule was around 1.34 million barrels a day compared with 1.054 million barrels a day shipped in January,” the reports 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.
---
Follow the author on Twitter: @nargiz_sadikh