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Oil prices jump over Kazakhstan unrest, while uranium market less affected
FirstpostThe country is the largest oil producer in central Asia with a twelfth of the world’s proven reserves and produced around 1.8 million barrels a day in 2020 London**, United Kingdom:** Unrest in OPEC+ member Kazakhstan has pushed up oil prices as investors fear supply interruptions, but the uranium market appears less affected despite the Central Asian country being the world’s second largest producer. Over the week, crude prices gained about five percent and on 7 January, 2022, Brent exceeded $83 per barrel, “putting it at its highest level since the price slide triggered by the first appearance of the Omicron variant in late November,” said Carsten Fritsch, commodities analyst at Commerzbank. Production ‘continuing’ The country is the largest oil producer in central Asia with a twelfth of the world’s proven reserves, according to the US Energy Information Administration. Kazakhstan’s uranium mines are located in remote areas of its southern Turkestan region, which is “largely unaffected by ongoing protests and clashes within the country”, the analyst said.
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