BAKU, Azerbaijan, Jun. 17
By Nargiz Sadikhova - Trend:
Total proved oil reserves in Kazakhstan amounted to 107.2 billion barrels (14.7 billion tons) as of the end of 2019, which corresponds to the 107.2 billion barrels as of the end of 2018, Trend reports with reference to the BP Statistical Review of World Energy.
The report said that Kazakhstan’s proved oil reserves account for 1.7 percent of the total oil reserves globally. Oil consumption in the country was 353,000 barrels daily in 2019, which is 3.8 percent more than in 2018 (340,000).
Oil production in Kazakhstan stood at 1.93 million barrels a day in 2019, the BP report said, which is 0.2 percent more year-on-year (1.92 million barrels in 2018).
In turn, total proved natural gas reserves in Kazakhstan stood at 2.7 trillion cubic meters as of the end of 2019 (93.7 trillion cubic feet), which is flat year-on-year (2.7 trillion cubic meters in 2018).
Thus, Kazakhstan accounts for 1.3 percent of the total natural gas reserves globally.
Natural gas production amounted to 23.4 billion cubic meters in 2019, which is 2.2 percent less than in 2018 (23.9 billion cubic meters), the report said.
Natural gas consumption was 17.9 billion cubic meters in 2019, which is 5.8 percent less than in 2018 (19 billion cubic meters).
On the morning of March 9, 2020, Brent crude plunged 25 percent dropping to its lowest since February 2016 and recording the biggest one-day percentage declines since Jan. 17, 1991.
Trading volumes in the front-month hit record highs in the previous session after a three-year pact between Saudi Arabia and Russia and other major oil producers to limit supply fell apart on March 6, 2020.
The extraordinary meeting of OPEC+ ministers was held on Apr. 12, 2020, following which the agreement to reduce oil production by 9.7 million barrels a day was signed for the period of two months starting from May 1, 2020.
Kazakhstan, in its turn, has supported the consensus in the agreement having taken the liability to decrease oil production by 390,000 barrels a day. In June 2020, the agreement was extended on the same conditions.
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