At last Friday's enlarged meeting of the Cabinet of Ministers, President Gurbanguly Berdymukhamedov instructed to adapt the work of state concernsTurkmennebit" и "Turkmengaz"to the situation on the world market, due to the decline in hydrocarbon prices.
Speaking about the work of the Turkmenbashi complex of oil refineries (TKNPZ), the President noted that we should look for more profitable markets for petroleum products.
As a result of the pandemic. COVID-19 in the world, oil prices have been falling since early 2020. In an effort to maintain stable oil prices, on March 5, countries OPEC agreed cut daily production by 1.5 million barrels. The proposal was not accepted at the OPEC+ meeting, a day later, and oil prices Brent fell by almost 10% in one day.
On March 10, one of the world's largest hydrocarbon producers, the company Saudi Aramco announced that it would increase daily oil production from 9.7 million to 12.3 million barrels in April. Oil prices continued to fall after the announcement. Already on March 30, the price per barrel of crude fell below $23 for the first time since November 2002.
Currently, the price of Brent oil on the world market ranges from $34 to $35 on average.