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