Kazakhstan oil production rose to 31.3 million tons of crude oil and gas condensate in the first four months of 2020, the country’s energy minister said on Tuesday.
According to Kazakhstan’s national news agency, Kazinform, Nurlan Nogayev told lawmakers the country’s crude oil and condensate production was “2.6% to the plan or an increase of 6% from the same period of 2019.”
“Oil output rose at TengizChevroil by 4.1% and 11.5% at Kashagan,” Nogayev said and added that the country had reached 96.3% of its targeted output producing 5.2 million tons.
Oil exports reached 25.3 million over the same period, surpassing expectations by 15%.
Nogayev said gas production amounted to 20.2 billion cubic meters, and gas exports hit 5.6 billion cubic meters, equivalent to 93% of its target as a result of slumping demand in China amid the coronavirus pandemic.
Due to the novel coronavirus (COVID-19), global oil demand continues to remain weak, putting downward pressure on crude prices.
The price of international benchmark Brent crude averaged $63 per barrel in the first quarter of 2019, but averaged $50 a barrel in the same period of 2020, showing a 20.6% decline.
By Sibel Morrow