EIA raises forecast on Kazakh oil output

The US Energy Information Administration (EIA) in its short-term energy outlook for July 2016 has raised the forecast on oil output for 2016 and 2017 in Kazakhstan.

The new forecast has been increased to 1.69 million barrels per day, as compared to 1.68 million barrels per day in the EIA energy outlook for June.

Meanwhile, the forecast for 2017 was increased to 1.72 million barrels per day as compared to 1.7 million barrels per day in the previous report.

Oil output in Kazakhstan totaled 1.73 million barrels per day in 2015, according to the EIA.

The EIA says the oil output in Kazakhstan was 1.69 million barrels per day in Q1 2016, and 1.67 million barrels per day in Q2 2016. Oil output in the country is expected at the level of 1.7 million barrels per day in Q3 2016, and 1.68 million barrels per day in Q4 2016.

The EIA expects that the oil output will be at the level of 1.68 million barrels per day in Q1 and Q2 of 2017, 1.73 million barrels per day in Q3 2017, and 1.79 million barrels per day in Q4 2017.

Kazakhstan’s proven oil reserves stood at 30 billion barrels in early 2015, according to BP Statistical Review of World Energy.

Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan.

Source: Trend