OPEC forecasts Kazakhstan’s oil output to grow next year

Oil&Gas Materials 13 November 2018 17:11 (UTC +04:00)

Baku, Azerbaijan, Nov. 13

By Rashid Shirinov – Trend:

In Kazakhstan, the September crude oil output recovered by 130,000 barrels per day to average 1.53 million barrels per day, mainly due to the return of production in the Tengiz field after the end of maintenance period, OPEC said in its Monthly Oil Market Report.

“September liquids output recovered by 130,000 barrels per day to average 1.8 million barrels per day, higher by 70,000 barrels per day year-on-year,” said the report.

As for the January-September 2018 output, liquids production rose by 90,000 barrels per day year-on-year to average 1.81 million barrels per day. Growth was driven mainly by the Kashagan field.

“For 2018, Kazakhstan’s average annual output is expected to grow by 90,000 barrels per day to reach 1.82 million barrels per day, revised up by 6,000 barrels per day from the previous month,” OPEC noted.

In addition, OPEC forecasts the country’s oil supply to grow by 50,000 barrels per day in 2019 to reach 1.87 million barrels per day, due to the ongoing Kashagan field ramp-up.


Follow the author on Twitter: @ShirinovRashid