• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 28 mins America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 5 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 2 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 1 min Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 6 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
  • 5 hours Where's the storage?
  • 18 mins Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 1 hour China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 6 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 3 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 4 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 11 hours Dr. Fauci is over rated.
US Oil Turns Its Back On The Permian As Prices Crash

US Oil Turns Its Back On The Permian As Prices Crash

Amid crashing oil prices, oil…

Russia’s Unexpected Advantage In The Oil Price War

Russia’s Unexpected Advantage In The Oil Price War

The global economic downturn due…

Kazakhstan Looks To Boost Crude Oil Exports To China

Kazakhstan

Kazakhstan aims to significantly increase its crude oil exports to China by redirecting some oil flows from Europe to the world’s top oil importer, Kazakhstan’s Deputy Energy Minister Aset Magauov told Reuters in an interview published on Wednesday.

The Central Asian country, which is part of the non-OPEC group of oil producers in the OPEC+ production cut deal, plans to reverse its Kenkiyak-Atyrau oil pipeline for crude flows to the east from the current westward oil flow direction, the official told Reuters.

Kazakhstan will be aiming to increase its crude oil exports to China to 6-7 million tons annually, up from just 1 million tons currently.

Kazakhstan’s oil exports to the Chinese market slumped from a peak of 11.3 million tons in 2013 to just 1.3 million tons in 2018. According to Magauov, the plunge in exports to China has been mostly due to natural declines of oil fields in southern and northwest Kazakhstan, many of which are operated by Chinese oil companies.

Kazakhstan will now aim to reverse the decline in its Chinese exports by using the Kenkiyak-Atyrau in the eastern direction, thus linking more fields in western Kazakhstan to domestic refineries, freeing up volumes of oil for exports to the east.

More oil for exports to China would likely come from small fields, rather than from the giant Kashagan oil field, or the Tengiz and Karachaganak oilfields, because the western oil majors running those huge fields are not eager to sell in China as they are not particularly happy with the Chinese pricing formulas, Magauov told Reuters.

Kazakhstan—part of the non-OPEC group that have joined OPEC’s efforts to rebalance the oil market and prop up oil prices—has pledged to cut 40,000 bpd of its production and keep it at 1.86 million bpd between January and June. Kazakhstan, like all countries the OPEC+ pact, pledged this week to keep those cuts through the end of March 2020.

According to Kazakhstan’s energy ministry data, the country’s oil production averaged 1.79 million bpd in the first half of 2019, meaning, the ministry says, that Kazakhstan overcomplied with the cuts by reducing production by 70,000 bpd from its November 2018 level.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News