Caspian cuts
The two producers have pledged to trim oil output but the long-awaited Kashagan project will probably boost the region's supply, not crimp it
Between them, Azerbaijan and Kazakhstan are on the hook for 55,000 barrels a day in cuts. Baku is to account for 35,000 b/d (or 0.87m tonnes) of this, and says the oil will be gone by June. It's not clear how serious Kazakhstan is taking its commitment to the deal, especially with big plans underway to lift production from its much-delayed Kashagan project. Azerbaijan: the cuts were coming anyway Azerbaijan's reduction is actually natural decline dressed up as a cut, and the target is in line with what it was expecting to lose, deal or no deal. Output in 2017, says the government, will come in at 39.8m tonnes (about 0.8m b/d), compared with 41.2m last year. Whether this drop enters the ledge
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
