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Kazakhstan & Azerbaijan: Caspian output set to rebound

Both countries signed up to the Opec deal in 2016. Neither seems destined to stick to the terms

Oil production in the Caspian is set to rebound as the Kashagan project in Kazakhstan reaches capacity and international majors circle new energy developments in Azerbaijan. Kazakhstan has already broken ranks with Opec in terms of the accord to rein in its crude output. Liquid production hit a record high last year and that was chiefly because of growth at the Kashagan project—which produced an average of 180,000 barrels a day last year—along with record output at TengizChevroil and Karachaganak. Kazakhstan's oil production rose to 1.93m b/d in February, compared with 1.8m b/d registered in 2016 at the time of the pact with Opec. Tengiz, Karachaganak and Kashagan are the largest oilfields

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