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EIA talks Kazakhstan's oil output forecast for 2020

21 February 2020 14:55

BAKU. KAZINFORM Kazakhstan will produce 2.03 million barrels of oil and other liquids per day in 2020, Trend reports with reference to the February Short-term Energy Outlook (STEO) of US Energy Information Administration (EIA).

According to the EIA’s forecasts, this figure increased from 2.02 million barrels per day in the previous report.

«Kazakhstan has been producing 2.03 million, 1.85 million, 1.96 million and 2.02 million barrels of petroleum and other liquids per day during the first, second, third and fourth quarters of 2019, respectively,» the report said.

«EIA also estimates that Kazakhstan’s petroleum production will be 2.03 million barrels per day in 1Q2020 (2.03 million in the last report), 1.99 million barrels per day in 2Q2020 (1.99 million in the last report), 2.03 million barrels per day in 3Q2020 (2.02 million), and 2.06 million barrels per day in 4Q2020 (2.06 million in the last report),» the statement said.

EIA reports that Kazakhstan’s daily petroleum and other liquids production stood at 1.96 million barrels as of 2018.

At the end of 2018, OPEC and a number of non-affiliated countries (Kazakhstan being one of them) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.

A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.

Kazakhstan has supported the decision to reduce oil extraction by additional 500,000 barrels a day within the framework of OPEC+ agreement under the decision made during the 7th OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria, on Dec. 6, 2019.

Thus, current liabilities of Kazakhstan within the agreement are 1.843 million barrels a day compared to 1.86 million barrels a day previously.

Keywords: Oil & Gas,