Russia has a new oil competitor

Photo: Joseph Okanga / Reuters

The list of the countries — exporters of oil has been enriched with Kenya. Monday, August 26, she for the first time in its history, has supplied the world market with crude oil. Buyer of 250 thousand barrels were made by a Chinese company, according to Reuters.

Oil in Kenya found in 2012. Currently, the production of crude oil per day in the country reached 80 thousand barrels. The reserves in the valley of Lokichar now estimated at 560 million barrels, but the estimates can increase substantially.

The President of the Republic Uhuru Kenyatta signed the law on distribution of oil revenues. According to the document, 75 per cent will go to Central government, 20 percent to local authorities, and another five percent living in the regions where oil is extracted. In the previous law, local residents were given ten percent of income.

The cost of the party amounted to $ 12 million. Oil delivered in tanker trucks, because the country has no pipeline. Kenya is the second oil-producing country in East Africa along with Uganda.

In 2018, Russia has exported 260.2 million tons of oil. For this indicator, the country is second only to Saudi Arabia. Net proceeds from the sale, according to the Federal customs service reached 129,05 billion dollars.

Earlier, analysts Bank BNP Paribas has predicted the imminent collapse of the world oil market due to the development of renewable energy and the falling prices of batteries. The current price of the Bank explained by the actions of investors who have decades invested in oil and don’t want to lose money.


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