Caspian Sea - better late than never

After much delay, a surge in Caspian Sea production in 2017 will take the oomph out of any Opec cuts

Kazakhstan's and Russia's Caspian Sea oilfields will add almost 0.5m b/d to world production in 2017 - equivalent to about 0.5% of global output. It will be enough to undermine Opec's embryonic attempts to curb production and boost oil prices. The biggest impact will come from Kazakhstan's giant but perennially troubled Kashagan oil project. With October 2016 finally seeing the field's first exports - a 200,000-barrel cargo - the Kazakhstani authorities and operator North Caspian Operating Company hope the years of delays, false starts and cost overruns are finally behind it. If so, 2017 will be the year Kashagan finally proves its worth. Kashagan is the world's second-largest field, with re