OPEC expects decrease in Kazakhstan’s oil output

Kazakhstan's oil output will decline by 40,000 barrels per day and reach 1.56 million barrels per day in 2016, according to OPEC Monthly Oil Market Report, April 2016.

In its March report, OPEC forecasted the oil production in Kazakhstan at 1.55 million barrels per day in 2016.

Kazakhstan's oil production in 2015 declined by 30,000 barrels per day to average 1.60 million barrels per day, according to OPEC.

So far in 2016, crude oil production in January and February was steady at 1.62 million barrels per day, lower than production in November and December of 2015.

Kazakhstan's proven oil reserve stood at 30 billion barrels as of early 2015, according to BP.

Kazakhstan's largest oil fields are Tengiz, Karachaganak and Kashagan.

Source: Trend

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