Kazakhstan's July 2020 oil output in line with OPEC+ agreement

BAKU, Azerbaijan, Aug. 5 By Nargiz Sadikhova – Trend: Kazakhstan’s July 2020 oil output volume was in line with OPEC+ agreement, Trend reports with reference to Kazakhstan’s Ministry of Energy. Thus, in accordance with the agreement, Kazakhstan was extracting 1.319 million barrels of oil a day, and the country’s average daily extraction amounted to 1.313 million barrels a day (101 percent of the country’s responsibilities within agreement). 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 January 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 April 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, in its turn, has supported the consensus in the agreement having taken the liability to decrease oil production by 390,000 barrels a day. In June 2020, the agreement was extended on the same conditions. The agreement was extended during a 20th Meeting of the Joint Ministerial Monitoring Committee (JMMC) on July 15, 2020. The overall OPEC+ oil output decrease in August will amount to 7.7 million barrels a day starting August till the end of 2020. --- Follow the author on twitter: @nargiz_sadikh