As oil prices shoot up above $90/barrel, endangering the Fed’s anti-inflation fight, President Joe Biden is met with Central Asian leaders at the margin of the U.N. General Assembly this month for a high-level diplomatic conference known as C5+1.
Washington is seeking alternative crude oil export routes as Russia’s war against Ukraine has threatened civilian navigation in the Black Sea. While Biden wants to diversify the world oil supply, Central Asian heads of state are doing their best to diversify their foreign engagements dominated by their neighbors: China and Russia.
Kazakhstan’s oil and gas industry has been one of the great successes in Eurasia, not only because of the country’s vast natural resources but also because of its astute investment policy. Kazakhstan’s oil reserves make 3% of the world’s oil reserves, placing it among the top 15 countries in the world. It currently produces 1.8 million barrels of oil per day, or almost 90 million tons, which is projected to increase to 107 million tons in the near future.
To ensure sanctions on Russian oil will not affect Kazakhstan’s transmission through Russian pipelines, Kazakhstan has upgraded the Atyrau–Samara link to the Russian pipeline and built a new metering station for correctly measuring the Kazakh oil entering Russian pipelines for transmission to Germany. In February and July, the country delivered an estimated 2.9 million barrels of its oil to Germany, compared to zero such volumes in 2022.
Kazakhstan is now increasing oil exports through non-Russian routes under an agreement with Azerbaijan to use the Baku–Tbilisi–Ceyhan oil pipeline. In 2022, President Kassym-Jomart Tokayev ordered his cabinet to boost oil exports via the Trans-Caspian Corridor. Transit through this pipeline has increased 18 times from 19,200 tons in the first quarter of 2023 to 347,100 tons in the second quarter. .
France Dernières Nouvelles, France Actualités
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