Kazakh officials have said the country could ship up to 30 million tons of oil yearly through the U.S.-backed pipeline. The $4 billion pipeline bypasses Russia, carrying Caspian oil to Western markets via Georgia and Turkey.
(with material from AP, AFP, Interfax)
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HOW MUCH OIL? The U.S. Energy Information Administration has estimated that the Caspian could hold between 17 billion and 33 billion barrels of proven oil. ("Proven reserves" are defined by energy experts to be 90 percent probable.) Other experts estimate the Caspian could hold "possible reserves" of up to 233 billion barrels of oil. ("Possible reserves" are considered to be 50 percent probable.) By comparison, Saudi Arabia has 261 billion barrels of oil and the United States 23 billion...(more)