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Kazakhstan to expand cooperation with OPEC 14 июля 2014, 15:39

Kazakhstan, a Central Asian oil producer, will expand its cooperation with the Organization of Petroleum Exporting Countries (OPEC).
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Photo courtesy of newskaz.ru. Photo courtesy of newskaz.ru.

Kazakhstan, a Central Asian oil producer will expand its cooperation with the Organization of Petroleum Exporting Countries (OPEC), Tengrinews reports referring to the country's Foreign Affairs Ministry.

On June 4 the Permanent Representative of Kazakhstan to the International Organizations in Vienna Kairat Sarybay met with Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Abdalla Salem El-Badri.

During the meeting, the sides dwelt on Kazakhstan's role in the global energy cooperation and global energy market, prospects of bilateral cooperation and OPEC's role in stabilization of the oil market prices.

Secretary General Abdullah El-Badri updated the Kazakhstan representatives on the current situation in the oil market and declared that OPEC would maintain oil production at the level of 30 million barrels a day. He expressed interest in establishing an energy cooperation dialogue between Kazakhstan and OPEC.

Permanent Representative Kairat Sarybay emphasised that Kazakhstan was a reliable strategic partner in the energy sector and pledged that Kazakhstan was ready to deepen cooperation with OPEC.

He invited the OPEC Secretary General to visit Kazakhstan and take part in the 25th meeting of the Energy Charter Conference to be held on November 27, 2014 in Astana, and to discuss prospects of further cooperation with Kazakhstan.

OPEC is an international economic cartel created to coordinate energy policies of its oil-producing member-countries. Iraq, Kuwait, Iran, Saudi Arabia, Venezuela, Libya, the UAE, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon are part of OPEC.

OPEC members collectively own 1,200.83 billion barrels of crude reserves - about two-thirds of the world’s proven petroleum reserves - and account for two-fifths of the world oil production, which makes the organisation an influential player on the global energy market.

Kazakhstan's proven oil reserves are estimated at around 30 billion barrels, which places it eleventh in the world. In 2013 Kazakhstan produced 1.65 million barrels per day. It plans to bring oil production to 1.74 million barrels per day in 2014 and further increase it to 1.87 million barrels per day in 2015.

Writing by Assel Satubaldina, editing by Tatyana Kuzmina



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