U.S. predicts surge in Caspian energy supplies
The role of the resource-rich Caspian region as one
of the key sources of oil and natural gas supplies to world markets
increases by the year. Moreover, unlike many other regions, which
are flush with "black gold", the Caspian region could be considered
among the most stable regions politically.
The US Energy Information Administration (EIA) predicts that oil supplies by the littoral states, including Azerbaijan, Kazakhstan, Turkmenistan and Russia, will increase 0.22 million barrels per day to 12.9 million barrels per day this year. The EIA did not provide any data on crude supplies by Iran, another coastal state.
In 2011, the Caspian coastal nations are expected to deliver 12.94m bpd, the agency said.
According to the EIA monthly report providing a short-term overview of energy markets, Azerbaijan’s oil production will rise by 0.07m bpd to reach 1.08m bpd in 2010 and by 0.13m bpd to 1.21m bpd in 2011.
In Central Asia, Kazakhstan will be extracting 1.61m bpd in 2010 and 1.67m bpd in 2011. Turkmenistan’s level of production is expected at 0.2m and 0.21m bpd in 2010 and 2011 respectively.
The EIA also expects that non-OPEC countries’ supplies will decrease by 0.18m bpd to 50.68m bpd next year.
Oil deliveries by the former Soviet republics will amount to 13.11m bpd in 2010 and 13.13m bpd in 2011.
The world’s oil supplies are expected to increase 1.35m bpd to 85.59m bpd this year and by 1.03m bpd to 86.62m bpd next year.
The EIA predicted that OPEC will not substantially change the level of its oil production until the end of 2010. The cartel’s output is expected in the volume of 29.34m bpd this year. In 2011, the figure is to rise 0.52m bpd to 29.86m bpd, according to the projections.
The agency forecasts that global demand for oil will increase 1.5m bpd to 85.51m bpd in 2010 and by 1.61m bpd to 87.12m bpd in 2011.
The US Energy Information Administration (EIA) predicts that oil supplies by the littoral states, including Azerbaijan, Kazakhstan, Turkmenistan and Russia, will increase 0.22 million barrels per day to 12.9 million barrels per day this year. The EIA did not provide any data on crude supplies by Iran, another coastal state.
In 2011, the Caspian coastal nations are expected to deliver 12.94m bpd, the agency said.
According to the EIA monthly report providing a short-term overview of energy markets, Azerbaijan’s oil production will rise by 0.07m bpd to reach 1.08m bpd in 2010 and by 0.13m bpd to 1.21m bpd in 2011.
In Central Asia, Kazakhstan will be extracting 1.61m bpd in 2010 and 1.67m bpd in 2011. Turkmenistan’s level of production is expected at 0.2m and 0.21m bpd in 2010 and 2011 respectively.
The EIA also expects that non-OPEC countries’ supplies will decrease by 0.18m bpd to 50.68m bpd next year.
Oil deliveries by the former Soviet republics will amount to 13.11m bpd in 2010 and 13.13m bpd in 2011.
The world’s oil supplies are expected to increase 1.35m bpd to 85.59m bpd this year and by 1.03m bpd to 86.62m bpd next year.
The EIA predicted that OPEC will not substantially change the level of its oil production until the end of 2010. The cartel’s output is expected in the volume of 29.34m bpd this year. In 2011, the figure is to rise 0.52m bpd to 29.86m bpd, according to the projections.
The agency forecasts that global demand for oil will increase 1.5m bpd to 85.51m bpd in 2010 and by 1.61m bpd to 87.12m bpd in 2011.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!