1. Main
  2. Learn
  3. Economy
  4. Markets

Global oil production will peak in 2030s: Minister09 октября 2013, 04:36

Kazakhstan Oil and Gas Minister Uzakbai Karabalin. ©primeminister.kz Kazakhstan Oil and Gas Minister Uzakbai Karabalin. ©primeminister.kz
Global oil production is expected to peak in the 2030s, Tengrinews reports citing Kazakhstan Oil and Gas Minister Uzakbai Karabalin. “Energy consumption is expected to grow 30-40 percent by 2030. The planet’s population will reach 8 billion people and China and India will be home to around one third of the population,” the Minister said at the 8th KAZENERGY Eurasian Forum. “The competition for access to energy resources will become tougher and regional and other proportions of energy consumption will change. The peak of the global oil production may fall on the 2030s,” Karabalin continued. According to his forecasts, oil will retain leadership among energy sources, while gas and coal will become equal and gas will gradually take the second place. The share of hydro energy will lower and the one of nuclear and renewable energy sources will go up. “On a conservative estimate, the global volume of oil production will grow 1.2-fold by 2030 and gas production will grow 1.5-fold,” Karabalin said. Countries like Kazakhstan will be maximizing their production volumes by then, he noted. Oil prices are growing, the Minister noted. The prices have almost tripled over the last 10 years. “These processes also affect the cost of oil products and oil chemistry. In our opinion, Brent may reach $120 per barrel and higher by the end of this decade,” he said. Speaking of the global trends Karabalin also named completion of the era of easily extracted oil. Karabalin also noted that
Eurasia project that provides for exploration of the deep horizons of the pre-Caspian basin, both onshore and offshore, at the territory of Kazakhstan and Russia, is aimed at doubling of the resource potential of Kazakhstan and will allow the country to get into the top 10 countries by hydrocarbon reserves. Besides, according to the Minister, KazMunaiGas will strive to join the world’s top 30 leading oil producers in 10 years. By Renat Tashkinbayev

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan
OPEC agrees shock oil output cut
Israeli ex-president and Nobel laureate Peres dies
Germany blocks WhatsApp data transfers to Facebook
32,000 arrested in Turkey coup probe
Youth to the fore as Milan fashion week opens
Xenophobia threatening peace in eastern Germany
Four-in-10 Japanese are virgins: poll
Sweden re-militarises Baltic island of Gotland
China to launch second space laboratory: Xinhua
More than a billion stars mapped in Milky Way: ESA
Boxing: Golovkin eyes Saunders after stopping Brook
Kazakhstan shifts PM to security chief
Oil prices gain despite rising OPEC supply forecast
US to give Philippines military planes
Singapore wages war on Zika-bearing mosquitoes
Italy quake death toll nears 250
Viral photos add fuel to French burkini debate
18 dead as Italy struck by powerful quake
Japan's first lady visits Pearl Harbor
Pokemon's a no-go on Bangkok's roads
July was Earth's hottest month in modern times
Pakistan rock climbers scale new heights