Kazakhstan Chamber of Commerce in the USA


OPEC downgrades forecast for Kazakhstan’s oil production

Posted on October 27, 2015 by KazCham

Colibri Law Firm

In its October oil market report OPEC has forecast that Kazakhstan’s oil production will decrease by 20,000 barrels per day in 2015 to an average of 1.62 million barrels per day. In contrast, OPEC predicted in its earlier September oil market report that Kazakhstan’s oil production would decrease by 10,000 barrels per day in 2015.

Moreover, OPEC revised a forecast for Kazakhstan’s oil production for 2016. In its October oil market report, OPEC projected that oil production in Kazakhstan will decline by 30,000 barrels per day to an average of 1.57 million barrels per day in 2016, an upward revision of 10,000 barrels per day from the previous month’s forecast.

The report also noted that different sources have said that Kazakhstan’s giant Kashagan project is unlikely to start production before mid-2017.

Kazakhstan mainly produces oil from its largest Karachaganak and Tengiz oil fields.

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