Baku, Azerbaijan, Nov. 23
By Rashid Shirinov – Trend:
Bloomberg forecasts Kazakhstan’s oil production in the first half of 2019 to be around 160,000 barrels a day higher than the October 2018 level, assuming no unexpected disruptions over the winter.
"The implementation of the OPEC/non-OPEC deal in January 2017 came just as Kazakhstan’s giant Kashagan project was ramping up production, making it all but impossible for the country to meet its pledged output target," says the Bloomberg review.
Magzum Mirzagaliev, Kazakhstan’s deputy energy minister, said earlier this month that OPEC+ should take a decision on output cuts when ministers meet in December. He added that Kazakhstan prefers the November 2018 output level as baseline for possible cuts.
Based on daily figures for the first 20 days of November, oil production is running at a monthly average record of just under 2 million barrels a day.
"Using record production in November 2018 as a baseline for cuts will make it easier for Kazakhstan to agree to extend the OPEC/non-OPEC deal into 2019," notes the review.
It is worth noting that oil production in Kazakhstan in 2017 amounted to a record 86.2 million tons compared to 78 million tons in 2016. October 2018 production was 1.826 million barrels a day.
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