Saudi Arabia may have overestimated its oil reserves by 40 %
Almaty. Febryary 9. Kazakhstan Today - U.S. diplomatic cables informed that Saudi Arabia may have exaggerated its crude oil reserves by 40 %, Kazakhstan Today reports.
The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show, The Guardian reported.
Newly released U.S. diplomatic cables said a Saudi official warned in 2007 the kingdom may have drastically exaggerated the extent of its crude oil reserves.
The confidential cables, made public on the WikiLeaks Web site, warned Washington a Saudi government oil executive had said Saudi oil reserves may have been overstated by as much as 40 percent, or a whopping 300 billion barrels, UPI reported.
Britain's The Guardian said Tuesday subsequent cables warned Saudi oil monopoly Aramco was "having to run harder to stay in place" and questioned Saudi Arabia's ability to keep the world supplied with enough crude to keep a lid on prices over the long term.
The WikiLeaks cables detailed a 2007 meeting between the U.S. consul general in Riyadh and Sadad al-Husseini, the former head of exploration for Aramco.
"According to al-Husseini, the crux of the issue is two-fold," the cable to Washington said. "First, it is possible that Saudi reserves are not as bountiful as sometimes described, and the timeline for their production not as unrestrained as Aramco and energy optimists would like to portray."
Al-Husseini took issue with an official Aramco projection in 2007 that the company had 716 billion barrels in reserve and would increase that stockpile to 900 billion barrels in about 20 years.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
relevant news
Kyrgyzstan and World Bank reach agreement on Kambarata HPP-1 project
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region
The Head of State has identified deep processing of hydrocarbons as one of the key areas of development of the oil and gas sector. The priority for our economy is high conversion production producing products with a rapid increase in added value in the technological chain with an export orientation. The added value between the initial feedstock ethane and the third conversion product polyethylene increases 20 times, from $80-90 to $1600-1800 per tonne. The Polyethylene project will certainly give a serious impetus to the development of both the manufacturing industry and the country's economy as a whole. According to experts' calculations, the contribution to the country's GDP by 2030 from the implementation of the project is estimated at approximately 1.2%," Olzhas Bektenov said.
We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Olzhas Bektenov and Head of the Sakha Republic Aysen Nikolayev discuss issues of trade and economic cooperation
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Uzbekistan and Kazakhstan launch E-Permit international cargo transportation system
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
National Bank of Kazakhstan maintains base rate at 14.75%
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Henkel intends to develop production in Kazakhstan
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 billion tenge
By 2027, the woodworking industry plans to launch approximately 11 new productions valued at 32.5 billion tenge, creating 1400 jobs", emphasized the Vice Minister.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
However, the economy’s dependence on commodities makes such growth volatile-so structural reforms are key to bolstering the country’s economic resilience and sustainability," he added.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Most viewed
17.04.2024, 15:18Olzhas Bektenov introduced to digital tools to support domestic commodity producers and forecast flood situation 17.04.2024, 12:18 57026275 officials brought to responsibility, rights of 900 protected, Kazakh Ombudsman17.04.2024, 19:28 56696Kazakh PM Bektenov instructs to pay one-time compensation to flood victims before end of week17.04.2024, 22:26 35086Kazakh-Uzbek Сonsular Сonsultations took place in Tashkent18.04.2024, 16:17 33841Kazakhstan to build 37 waste treatment plants
26.03.2024, 18:10 117091Olzhas Bektenov meets with Chairman of XUAR People's Government of China Erkin Tuniyaz25.03.2024, 20:19 113561Head of State sent a telegram of congratulations to the President-elect of Indonesia29.03.2024, 19:37 108206Year of Kazakhstan Tourism in China officially opens in Beijing29.03.2024, 14:44 100696Kazakh nationals urged to leave Ukraine's Odessa and Kharkiv regions25.03.2024, 18:26 100386Cyprus set to open its embassy in Kazakhstan