Kazakhstan's unrest is getting worse, this is the effect on oil prices!

thecekodok

 The unrest in Kazakhstan has helped push the black commodity surge higher amid fears there would be disruptions to world crude oil production.


Ahead of the opening of the European session, Brent crude futures traded higher at around $ 82.74 a barrel, while US WTI was higher at $ 80.20 a barrel.


By recording a 6% increase in the first week of 2022, both benchmarks touched their highest levels since November 2021.



Kazakhstan’s largest oil producer has shifted production at the giant Tengiz plantation following widespread protests in the country, where it now produces 1.6 million barrels of oil a day.


The government has declared a state of emergency after days of protests in Kazakhstan began following outrage over the government's move to double fuel prices.


The unrest has prompted Russian-led military intervention that has left dozens of protesters dead, while hundreds more are injured.


Also supporting the price hike, was the disruption of Libyan oil production which dropped more than 500,000 barrels a day due to pipeline maintenance and oil field closures.

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