The world holds enough proved reserves for 40 years , Vice Minister of Energy

ASTANA. KAZINFORM - Speaking at the 10th KAZENERGY Eurasian Forum, First Deputy Minister of Energy of Kazakhstan Uzakbai Karabalin said that the world's crude reserves may not be enough for 50 years, as it was supposed earlier.

He stressed that the world holds enough proved reserves for 40 years of supply. According to his words, the world holds enough proved reserves for 40 years of supply at current consumption rates. However, the average growth rate in demand in recent years is about 1 million barrels per day. At this rate, the global consumption will reach almost 100 million barrels per day by 2020. Mr. Karabalin reported that the problem is in the growing influence of national interests. The process of strengthening national companies, which had begun in the end of 20th century, continued in the new age. The share of global oil reserves of national companies has reached 80%, production - 63%, oil processing - 31%.