Crude oil rises on fresh violence in Kazakhstan

January 07, 2022 02:21 PM AEDT | By Arpit Verma

Violence in Kazakhstan

Fresh violence has erupted in the main city of Kazakhstan as Russia sent in paratroopers to put down a countrywide uprising following deadly violence spread across the tightly controlled former Soviet state.

However, there was not any indication that the oil producers in the region had been affected so far. The country produces nearly 1.6 million barrels of oil per day.

Additionally, the overall output of Libya also tumbled to 729,000 bpd, down from 1.3 million bpd in the last year due to maintenance and shutdown of oil fields.

Oil prices rallied since the start of the year after OPEC+ decided to increase the output for the coming month despite a rise in the spread of the newer variant of coronavirus.

OPEC+ agrees to stick to its planned increase of 400,000 bpd of oil output in the coming month too, as they have done every month since August 2021.

OPEC

Source: © Gumpapa | Megapixl.com

Bottom Line

Crude oil prices rose nearly 2% on Wednesday as Kazakhstan's top field Tengiz was hardly hit by protests in the region that disrupted train lines and other operations at various sites.

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