The  average Brent price in 2019 decreased by 10 % compared to the  level of 2018. Besides fundamental economic factors (supply and demand), the oil market is extremely sensitive to geopolitical events. Currently, the oil market can be affected by several key geopolitical confrontations, both in the direction of increasing and decreasing oil prices: trade war between the USA and China, Brexit, sanctions against Iran and Venezuela, the US presidential election 2020, the Middle East (Syria, Yemen) instability, India – Pakistan armed conflict. .

Around 55 tln barrels of oil equivalent of hydrocarbon reserves have been discovered in the world. Existing technologies allow producing around 4.9 tln o.e. barrels. With advances in technology, by 2050, technically recoverable reserves can grow by 50 %  – this is one of the reasons why Embamunaigas JSC place high emphasis on development of new technologies and innovations.

According to the  RoK Ministry of Energy preliminary data, the volume of oil production in Kazakhstan in 2019 amounted to 90.4 mln tonnes. Thus, the record rates of 2018 were maintained, when production rates reached 90.36 mln tonnes. Maintaining high production rates is a significant achievement, given repairs carried out on large projects (Tengiz, Karachaganak and Kashagan).