International experience in the formation and management of strategic oil reserves in a market economy

Abstract

In recent years, Kazakhstan increasingly raises the question of the need to create
strategic oil reserves in the country, since the current situation on the world market for oil and oil products
(price hedging, reduction in oil production, reduction in oil exports) leads to an increase in the need of
many states and individual companies to create strategic oil reserves. This article is devoted to a detailed
study of the international experience of individual leading countries in the formation of their own strategic
oil reserves, such as the USA, China, South Korea, India, and the EU member countries. Two main
approaches to the formation and management of strategic oil reserves in a market economy, such as the
construction of storage tanks for strategic oil reserves and the reservation of oil fields, are considered.
Based on the analysis of international experience in creating oil reserves, recommendations were given on
their formation in Kazakhstan.
Keywords: oil, strategic oil reserves, oil reserves, oil storages, oil on account of royalties,
replenishment of oil reserves, withdrawal of reserves.