Baku, Azerbaijan, July 30
By Nargiz Sadikhova - Trend:
The volume of extraction of crude and non conventional oil amounted to 1.927 million barrels a day in 2018 compared to 1.840 million barrels a day in 2017, Trend reports with reference to World Oil Review – 2019 report of Eni company of Italy.
As stated in the report, Kazakhstan’s oil reserves equaled 30 million barrels as at December 2018.
“During the reporting period the volume of oil consumption in the country amounted to 347,000 barrels a day, which is 2.9 percent more than during last year. In turn, the per capita consumption in Kazakhstan amounted to 3.37 barrels a day,” the report said.
“The volume of oil export from Kazakhstan equaled 1,378 million barrels a day, which is 1.6 percent more than during the previous year,” stated in the report.
As reported, Kazakhstan did not import oil in 2018.
At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.
A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.
Kazakhstan’s responsibility within the agreement is to keep the extraction at the level of 1.86 million barrels a day.
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