A significant volume of crude oil could be added to the world market when two new Caspian oil fields come on stream by the end of the year.
According to reports, a loading schedule seen shows the Kashgan field in Kazakhstan’s sector and Lukoil’s Filanovsky field in the Russian sector, both of which are scheduled to come on stream soon producing at least 200,000 barrels of crude per day.
It means that by the end of the year, both fields could produce about 500,000 barrels of oil per day which would be the equivalent to about 0.5% of global production.
The Caspian crude oil is expected on top of extra oil from Iran, which is working to raise its exports back to around 2.4million barrels per day.
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