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Kashagan Field (Kazakh: Қашаған кен орны, Qaşağan ken orny) is an offshore oil field in Kazakhstan's zone of the Caspian Sea. [2] The field, discovered in 2000, is located in the northern part of the Caspian Sea close to Atyrau and is considered the world's largest discovery in the last 30 years, combined with the Tengiz Field. [3]
With 9 – 11 billion barrels, Kashagan is the largest oil field outside of the Middle East. It is estimated to come on stream in 2016 and reach production of 1.5 million barrels per day at its peak. Kazakhstan is a major oil producer with an estimated total production of 1.64 million barrels per day in 2013.
Production in 2001 has been growing at roughly 20%, on target to meet the government's forecast of 40,100,000 tons of oil (800,000 barrels per day). In 2000, production reached 11.5 km 3 of natural gas, up from 8.2 km 3 in 1999. Kazakhstan has the potential to be a world-class oil exporter in the medium term.
The IEA expects world oil demand growth to accelerate next year, with consumption rising to 1.1 million barrels per day next year — but that's not enough to absorb the oversupply.
Iran is a major player in the global oil market, producing more than 3 million barrels of oil a day, so the growing risk of a supply disruption could be a “big tailwind to prices” in the near ...
Oil prices will fall to an average of $65 per barrel in 2025 amid an oversupply of crude and a backdrop of slowing demand as countries shift ... so we keep more of a bearish stance on oil [in 2025 ...
(The data below does not seem to include shale oil and other unconventional sources of oil such as tar sands. For instance, North America has over 3 trillion barrels of shale oil reserves, [ citation needed ] and the majority of oil produced in the US is from shale, leading to the paradoxical data below that the US will finish all its oil at ...
The Organization of Oil Producing Countries and their allies, or OPEC+, have signaled more barrels will be added to the market later this year when they begin to unwind their production cuts. The ...