EIA raised its forecast for oil production in Kazakhstan for 2016-2017

Almaty. July 14. Silkroadnews – The U.S. Energy Information Administration (EIA) in its July energy outlook has raised Kazakhstan’s oil output forecast for 2016-2017.

“The new forecast for 2016 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,” Trend agency writes with reference to EIA report data.

According to the forecast, the country’s oil output 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. For Q1 and Q2 the daily output made 1.69 million barrels and 1.67 million barrels respectively.

As for 2017, the EIA expects the oil output to make 1.68 million barrels per day in Q1 and Q2, 1.73 million barrels per day in Q3 and 1.79 million barrels per day in Q4.

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