Caspian Oil Supply in February 2015

Source: OPEC 2/17/2015, Location: Asia

Kazakhstan’s oil production is seen to remain unchanged at 1.62 mb/d in spite of an upward revision by 21 tb/d in 4Q14 on the back of strong output in November and December of 1.72 mb/d and 1.70 mb/d, respectively. The future of Kazakh oil output relies on sustained investment in Tengiz (the largest-producing field, where output declined in 2014) and the Karachaganak field. On a quarterly basis, Kazakh oil supply is seen to average 1.65 mb/d, 1.57 mb/d, 1.61 mb/d and 1.66 mb/d, respectively. Oil supply in Azerbaijan is estimated to decrease by 30 tb/d in 2014 to average 0.84 mb/d, representing a downward revision of 10 tb/d from the previous MOMR. This revision has come on the back of lower production in November, making 4Q14 the weakest quarter in 2014, although output in December increased by 0.13 mb/d as maintenance ended at the central Azeri platform. Azeri output is expected to decline on the back of limited new developments, as well as drop in mature producing areas. On a quarterly basis, Azerbaijan’s oil supply is seen to stand at 0.85 mb/d, 0.87 mb/d, 0.86 mb/d and 0.78 mb/d, respectively.


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Related Categories: Coal  Electricity  General  Natural Gas  Oil 

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