OPEC believes Kazakhstan may become world's largest oil producer

Jul 18, 2001 02:00 AM

Kazakhstan may become the largest producer of crude oil in the world by 2015 and reach the level of Saudi Arabia, which is the major oil power. The OPEC General Secretariat declared this in Vienna. OPEC thinks that future forecasts of the country's oil reserves will be hundreds times higher than the 700,000 barrels currently being extracted in Kazakhstan.
The [western Kazakh] Tengiz oil deposit's reserves alone stand at 9 bn barrels, while only 290,000 barrels are being extracted there daily. In the opinion of the oil cartel, unlike the oil reserves of Russia and Azerbaijan, those of Kazakhstan are virtually untouched.

Source: The Times of Central Asia
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