The US Energy Information Administration (EIA) in its March short-term energy outlook has raised the forecast for the 2017 and 2018 oil output in Kazakhstan.
The forecast for 2017 was increased to 1.88 million barrels per day as compared to 1.86 million in the previous report published in February. The forecast for 2018 rose to 1.9 million barrels per day as compared to 1.88 million barrels per day in the February report. Oil output in Kazakhstan totaled 1.73 million barrels per day in 2016, according to the EIA. Oil output in the country is expected at 1.9 million barrels per day in Q1, 1.84 million barrels per day in Q2, 1.88 million barrels per day in Q3, and 1.91 million barrels per day in Q4. In 2018 average quarterly output is expected to reach 1.92 million barrels per day, 1.84 million barrels per day, 1.88 million barrels per day, 1.95 million barrels per day correspondingly. Kazakhstan’s proven oil reserves stood at 30 billion barrels in early 2015, according to BP’s Statistical Review of World Energy. Tengiz, Karachaganak and Kashagan are the largest oil fields in Kazakhstan. (Kazinform/Business World Magazine)