- Oil approaches $60/Bbl as global supplies continue to decline
- The head of Gunvor group said oil gains would likely be capped at $60/Bbl, as the major psychological marker would trigger an avalanche of shuttered supply
- Kazakhstan implements compensatory cuts in January to reach the January quota
- Gunvor group forecasts production to return at a rapid pace if prices continue rising
- According to Gunvor, nearly all oil production is profitable at $60 (Brent), and if prices reach that level, production will return quickly
- The group says, "oil demand will come down to China, as Europe is clearly the worst hit by the pandemic. The U.S. is much more stable, only down a couple of million barrels."
- Kazakhstan's compliance with the cuts stood at 111% in January, according to the country's energy ministry
- Kazakhstan produced 1.4 MMBbl/d of oil, in contrasts with its quota of 1.417 MMBbl/d
- Kazakhstan can raise its crude production by 10 MBbl/d above its February and March quota