News 2020March 2020
Kazakhstan does not intend to revise oil production plans in 2020, the Minister of Energy Nurlan Nogaev said on March 10.
“We have a plan for 2020. We will adhere to this plan, there is no particular increase or decrease according to it,” Nogaev told reporters on the sidelines of a government meeting.
This year, it is planned to produce 90 million tonnes of oil, while on March 9, world oil prices fell by 30% due to news that the OPEC+ deal could fall apart, and from April 1, its participants will not be limited in increasing production to maintain hydrocarbon prices.
The agreements always benefited the industry, however, it was difficult to predict the further actions of OPEC+ members. Also, the Minister of Energy did not comment on the possibility of lowering gas prices amid falling oil prices: according to him, the market will adjust gas prices in Kazakhstan.
“Today, all oil refineries are loaded with oil and there is the required amount of oil products. The necessary amount of oil is supplied, the necessary volume of oil products is also supplied to the market, there is no cause for concern,” the speaker said.
On Tuesday, March 10, May Brent futures rose 6.67% to $35.69 per barrel. April futures for the WTI brand added 3.85%, to $32.37 per barrel.