The troubled situation in Kazakhstan has caused oil prices to rise. This week the price of a barrel of Brent oil rose by 5 percent to 83 dollars (about 73 euros). That is the highest price level since the decline that started at the end of November due to fears about the omikron variant of the corona virus.

Kazakhstan is known as one of the largest oil producers in Central Asia. In 2020, the country was still good for pumping an average of 1.8 million barrels of oil per day. Investors fear that the chaos in the country will cause supply problems.

According to various market experts, the production of oil in the country has been “affected” by the unrest, although production in the country’s largest fields is still ongoing.

The uranium market appears to be more resilient to the problems, although Kazakhstan is the world’s second largest producer of uranium. The country’s uranium mines are located in remote areas to the south. The protests have barely touched its extraction.

Large-scale riots broke out last week in the Central Asian country, which is a member of the oil federation OPEC+. That happened after the government raised fuel prices. Protesters stormed government buildings in Almaty, the country’s largest city.

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