“Oil production in the Caspian region is lower than US state-run Energy Information Agency (EIA) had forecasted,” EIA chief Guy Caruso says.

""There have been big disappointments in a lot of places. We thought there would be more produced out of Russia than is produced now,” he said.
According to Caruso, EIA’s faulty forecasts resulted from different factors - “there have been a number of delays to projects,” he noted.
Development of Kazakhstan’s Kashagan oil field in the north of the Caspian Sea has again been postponed to 2013. Initially, production in the field was planned to commence in 2008.
Last year the Italian company Eni reported that production in the field was postponed to 2010 and expenditures on the project would be far more than expected.
The consortium engaged in development of the field is headed by Italian Eni and includes Shell, ExxonMobil, Total, ConocoPhillips, Japan’s Inpex and KazMunayGaz.
According to the EIA, oil production in Kazakhstan totaled 1.44m bpd in 2007, in 2008 it will average 1.49m bpd and in 2009 - 1.63m bpd.
EIA reported Azerbaijan produced 0.85m bpd in 2007 and in 2008 the country's oil production will total 0.96m bpd, and for 2009 the estimate is 1.2m bpd.
Most parts of Azerbaijan's exported oil is produced from the Azeri-Chirag- Gunashli fields (Azeri Light oil). The oil is mainly exported via Baku-Tbilisi-Ceyhan pipe. In 2008, oil production in Azerbaijan will exceed 50m tons.
(Source: PressTV)