EIA Ups Kazakhstan’s Oil Output Forecast

EIA Ups Kazakhstan’s Oil Output Forecast

The U.S. Energy Information Administration (EIA) in its May 2017 short-term energy outlook raised the forecast for oil output in Kazakhstan in 2017 and 2018.

The forecast for 2017 was increased to 1.9 million barrels per day as compared to 1.87 in the previous report published in April.

The forecast for 2018 rose to 1.95 million barrels per day as compared to 1.91 million barrels per day in April report.

Oil output in Kazakhstan totaled 1.7 million barrels per day in 2016, according to the EIA.

Oil output in the country reached 1.88 million barrels per day in 1Q2017 and is expected at 1.89 million barrels per day, 1.9 million barrels per day and 1.92 million barrels per day in the second, third and fourth quarter of the year, respectively.

In 2018 average output is expected to reach 1.94 million barrels per day in Q1, 1.91 million barrels per day in Q2, 1.94 million barrels per day in Q3 and 1.99 million barrels per day in Q4.

Kazakhstan’s proven oil reserves as of early 2016 stood at 30 billion barrels, according to the BP Statistical Review of World Energy.

Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan.  Three oil giants will be able to bring Kazakhstan’s oil production to a new level in the coming years even if new oil fields are not discovered.

With the start of oil production at the Kashagan field, the forecasts of several international organizations on oil production in Kazakhstan immediately grew.

Analysts from the International Energy Agency (IEA), OPEC, the Energy Information Administration of the US Department of Energy (EIA) link the increase in oil production namely with the Kashagan field.

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