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Caspian Oil Supply - June 2017

Source: OPEC 7/3/2017, Location: Asia

Azerbaijan’s oil supply increased 40 tb/d m-o-m to average 0.80 mb/d in April. However, it remained lower y-o-y by 80 tb/d. Azerbaijan’s oil production has been declining due to mature oil fields, as well as a heavy decline of more than 16% in the ACG offshore complex in the Caspian. Overall, the country’s oil supply is expected to contract by 60 tb/d y-o-y to average 0.78 mb/d in 2017.

Kazakhstan’s crude oil output in April 2017 decreased by 24 tb/d to average 1.48 mb/d. However, it added 0.26 mb/d of NGLs, to reach a total output of 1.74 mb/d. Despite the production shutdown in April at the Karachaganak oil field due to maintainance, the oil output in Kazakhstan because of the Kashagan ramp up is absolutely high; therefore, adjusting the production below the level of November 2016 (base line for Kazakhstan) at 1.70 mb/d, seems to be difficult.

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