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US improves Kazakhstan’s oil output forecast

US improves Kazakhstan’s oil output forecast

IEA sees global market awash with oil in 2017 if no OPEC cut (10 November 2016 18:46)

Date: 13 January 2016 13:37

Baku, Azerbaijan, Jan.13

By Elena Kosolapova – Trend:

The United States Energy Information Administration (EIA) has improved the forecast for oil production in Kazakhstan in 2016.

The oil production in Kazakhstan in 2016 is forecasted to stand at 1.72 million barrels per day, according to an EIA short-term January forecast.

Previously, the EIA predicted oil production in Kazakhstan at 1.71 million barrels per day in 2016.

The new forecast said that oil production in Kazakhstan will be 1.71 million barrels per day in both the first and second quarters, 1.72 million barrels per day in the third quarter, and 1.75 million barrels per day in the fourth quarter of 2016.

The EIA also predicts oil production growth in Kazakhstan to 1.75 million barrels per day in 2017. Quarterly production in 2017 is expected to be 1.76, 1.75, 1.74 and 1.73 million barrels per day, respectively.

In 2015, oil production in Kazakhstan was 1.72 million barrels per day, according to the EIA.

BP’s statistical review indicates that Kazakhstan’s proven oil reserves as of early 2015 stood at 30 billion barrels.

Kazakhstan’s major oil fields are Tengiz, Karachaganak and Kashagan. Two of them – Tengiz and Karachaganak – are the world’s biggest oil fields.

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